Property Council executive director Chris Mountford among development in West End. Pic Jono Searle.CONFIDENCE in Queensland’s property market has fallen for the first time in nearly two years on the back of the latest tax grab proposed by the state government.The ANZ/Property Council Survey released today, taken in the weeks either side of the November state election, has recorded a drop of two index points for Queensland in the March 2018 quarter — the first decline in 20 months.The state now has the lowest confidence levels of all Australian jurisdictions.The re-elected Palaszczuk Government has announced plans to increase land tax rates by 2.5 per cent on properties worth more than $10 million and more than double the tax rate for foreign investors from 3 to 7 per cent.GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HEREProperty Council Queensland executive director Chris Mountford said the results confirmed industry concern about the proposed property tax hikes, which he argued would hurt jobs growth and home values.“At a time when we need to do more to catch up with other markets, increasing taxes on property is a big economic risk,” Mr Mountford said.“The impact of these proposed tax increases can already be seen in the figures.“Forward work schedules, staffing level expectations, and Queensland’s economic growth predictions are all down.”The ANZ/Property Council Survey Queensland results for the March quarter of 2018.The Property Council is urging the Government to reverse the proposed tax increases, saying ordinary Queenslanders would pay the price because businesses would be forced to pass on the cost to consumers.“The proposed land tax hike is ultimately going to flow through to affect capital values, and impose higher rents and costs on businesses,” he said.“I think there’s a general lack of understanding that foreign buyers are a key ingredient to getting new housing construction starts going.“If we’re making it harder for those people to invest in Queensland, ultimately that’s going to flow through to lower levels of activity.”The latest ANZ/Property Council Survey shows a drop in confidence in the Queensland property industry. Photo: Glenn Hunt/Getty Images.For the last two years, Queensland has consistently lagged behind the major states when it comes to confidence, only remaining in front of Western Australia, where the end of the resources boom created significant economic challenges.More from newsParks and wildlife the new lust-haves post coronavirus22 hours agoNoosa’s best beachfront penthouse is about to hit the market22 hours agoBut the latest survey shows a surge in confidence in WA.“Clearly confidence is starting to return to the WA market,” Mr Mountford said.“They’ve turned a corner and yet we haven’t had that sentiment shift.“If anything, we’re still bumbling along behind the other states.”New homes under construction in Mango Hill, north of Brisbane. The latest ANZ/Property Council Survey shows a drop in confidence in the Queensland property industry. Image: AAP/Dan Peled.But ANZ senior economist Daniel Gradwell said that he was not too concerned about the confidence drop in Queensland during the quarter,“Overall sentiment is still sitting at pretty solid levels, even though it has dropped off recently,” Mr Gradwell said.LAP UP LAKESIDE LUXURY“I think it’s fair to say Queensland has essentially moved past its mining-related downturn.“We’re starting to see economic activity improve, particularly across the labour market with unemployment at its lowest level in about four years.“So confidence is already translating into actual economic activity.”The latest ANZ/Property Council Survey shows a drop in confidence in the Queensland property industry. Photo: Glenn Hunt/Getty Images.St George Economics noted in its latest economic outlook for Queensland that the state’s economic growth had picked up over the past year, with business investment gaining momentum, commercial construction strengthening and robust employment growth.HOME BUYERS SKIP CRUCIAL CHECKSNationally, the survey reveals New South Wales has lost its throne to Victoria as the property industry with the strongest outlook.It gathered responses from 1374 professionals within the residential and commercial property sector.“It’s a large sample size, so we’re confident it’s reflective of what’s actually happening on the ground,” Mr Gradwell said.
RelatedPosts Joe Aribo scoops Young Player, Goal of the season awards Saka: I’ll remember this week forever Arsenal sweat on Bukayo Saka new deal Scotland have not called up left back Kieran Tierney for their upcoming Euro 2020 qualifiers, after his Premier League club Arsenal requested that the national team leave him out, manager Steve Clarke said on Tuesday.Tierney, the most expensive player to be recruited from the Scottish Premiership when Arsenal signed him in August for £25 million, made his debut for the London club in September after recovering from double hernia surgery.The 22-year-old has made six appearances in all competitions this season but was withdrawn towards the end of last weekend’s 1-1 league draw with Wolverhampton Wanderers and Scotland boss Clarke said the nature of his issue was a “question for Arsenal” to answer.“Kieran’s got an ongoing issue that Arsenal are keen to address in the next international break.“Arsenal asked us not to select him. It’s a little bit frustrating. It’s obviously frustrating for Kieran as well but we’ve got good cover in that position.Looking ahead to Wednesday’s Europa League clash against Portuguese side Vitoria, Arsenal said on their website that they had “no first team squad players unavailable due to injury”.Clarke told a news conference ahead of Scotland’s qualifiers against Cyprus on Nov. 16 and Kazakhstan three days later, that Liverpool’s Andy Robertson is expected to start at left back for Scotland.“I have to focus on the players that come.“My job is to try and build a squad… that’s 100% committed, ready to come here and do their best for the country,” he added.Belgium and Russia have already qualified from Scotland’s group but Clarke’s side, who sit fourth in Group I, can still qualify for the finals through the playoffs. Tags: Kieran TierneyScotland