Cautious optimism advised as sentiment improves in Qld

Despite the slower than expected return of workers to major business precincts, the result showed industry confidence nearly tripling since the height of the pandemic, when only 58 index points were recorded during the March 2020 quarter.

According to executive director Chris Mountford, the higher confidence levels prove a remarkable recovery for Queensland.

“Queensland’s property sector proved resilient throughout the challenges of last year and is now spearheading the state’s economic recovery,” Mr Mountford said.

“The industry has recorded strong results on most metrics of success, from crane counts to property clearance rates, to our own quarterly confidence surveys.”

However, Mr Mountford advised caution as the impact of Brisbane’s most recent lockdown has yet to fully manifest.

“These positive results were recorded prior to Brisbane’s most recent lockdown and while the benefits of government stimulus programs continue to be felt,” he explained.

“It is well documented that these lockdowns cost our economy millions and impact on the confidence of employees to return to their places of work.”

At the moment, office occupancy within the Brisbane CBD has stagnated at around 63 per cent, which shows that recovery in city centres has not been as strong as in other property sectors, Mr Mountford commented.

Looking ahead, he believes that government and private sector support will be critical in the road to full recovery for Brisbane and the rest of Queensland.

“With the end of JobKeeper and the ever-present spectre of another lockdown, there is clearly a need to support our CBDs and the many businesses that rely on the daily visitation of workers, students and tourists to make ends meet,” the executive director concluded.