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Stability is the key to confidence in the property market

A more stable economy and society is likely to drive an increase in confidence within the property sector.

The quarterly Property Industry Confidence Survey, conducted by the Property Council of Australia and ANZ, has displayed wild fluctuations in confidence levels over the past year or so, with an unstable economy and frequent political changes making it hard for anyone to maintain a consistent outlook on the fortunes of the property market.

However, the country's recent assessment by Fitch Ratings could well help to generate confidence within the sector, with Australia's housing market being rated as "stable".

Unemployment is not expected to rise in the coming 12 months and house prices are predicted to rise slightly, although no major changes will take place.

In addition, the outcome of this year's general election will help to define the country's political future for the coming years, resulting in a return to stability.

It is therefore unsurprising that the overall confidence levels of property professionals have increased, with the latest survey indicating a rise of five points across the country when compared to the previous study conducted three months ago, according to Queensland executive director of the Property Council, Kathy MacDermott.

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