Business confidence has returned to the ACT property industry for the first time in more than a year, according to a new survey.
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The Property Council/ANZ Property Industry Confidence Survey issued on Thursday shows the sector has recorded a positive sentiment for the start of 2014. The ACT recorded a ranking of 111 on the index for the March quarter, which is above the 99 recorded in December 2013.
A score of 100 is considered neutral. While the ACT has recorded a positive score on the index for the first time in five quarters, it is still the least positive of all other states and territories.
Property Council ACT executive director Catherine Carter said the survey showed property industry sentiment had jumped into positive territory for the start of 2014.
Following last quarter's negative result she said concern about declining demand for office space and domestic economic conditions had been suppressing confidence in the ACT.
ANZ property research head Paul Braddick said solid gains in staffing intentions and forward work schedule expectations augured well for the property sector in the ACT but economic growth expectations continued to ''languish in negative territory''.
He said the residential property market had been strong, helped by solid population growth and low interest rates.
Nationally property confidence jumped eight points to reach 140 on the index.
Property Council of Australia chief executive Peter Verwer said it was clear that the increase in confidence was not solely due to a return to stable government.
''This is more than a bounce due to political events - this is Australia's largest industry powering back up after a long period of consolidation,'' he said.
Queensland is the most confident state recording a jump of 10 points from 142 to 152 for the March quarter.
Real Estate Institute of the ACT president Michael Kumm said there was a lot more positivity in the industry in early 2014 compared with the same time last year.
He said the job cuts anticipated in 2013 had not been as bad as had been suggested though the industry had been ''treading water'' for a lot of the year.
Mr Kumm said the booming Sydney property scene was also beginning to bring more confidence to Canberra.
