While the long-awaited interest rate cut did not materialise in the second half of 2024, confidence is still rising in the property sector.

The December 2024 Procore/Property Council Industry Sentiment Survey shows industry confidence is up by eight points, even though concerns remain about supply, affordability, and construction challenges. The survey shows South Australia is the most confident state, while confidence has risen in New South Wales and Queensland property markets, followed by Western Australia. Confidence is lowest in Victoria.

Property Council Chief Executive Mike Zorbas says property price growth expectations by respondents have soared. However, the survey says housing affordability and supply are the most critical issues facing the property sector.

Zorbas says urgent government intervention is needed to deliver more homes. “Solving the housing crisis requires action on all fronts – from reducing costs to cutting red tape and fostering greater investment,” he says.