Australian commercial property confidence soars: bank report

Confidence in the Australian commercial property industry is at its best in four years.

A quarterly survey of the property industry by the National Australia Bank (NAB) reported on Thursday that confidence has risen nationally, although it is down in the resource economies of Western Australia and Queensland.

"The lift in sentiment was most notable in CBD hotels after a surprising fall in (the December quarter), but also improved in office and industrial markets," said NAB chief economist Alan Oster.

"The sentiment was a touch weaker in retail, but is still higher than the broader market average."

Confidence is at plus six points, well up from the long-term average of minus five points.

Fifty-eight percent of Australian property developers expect to start work in the next six months, a big increase from the last quarter. Endi