A recent survey conducted by Equifax indicates a persistent decline in consumer confidence within the Australian construction industry.
The findings reveal that only one in three Australians (32 per cent) hold a positive view of the sector.
The survey highlights a significant deterioration in public opinion, with 40 per cent of respondents reporting a worsened perception of the construction industry over the past year.
Furthermore, 20 per cent anticipate the industry’s condition to worsen in the coming 12 months.
Despite the negative outlook, an overwhelming 90 per cent of Australians agree on the importance of trust and confidence in building and construction professionals.
This sentiment underscores the critical role that reliability plays in the industry’s reputation.
Interestingly, 72 per cent of Australians planning to buy, build, or renovate property in the next five years express willingness to pay for independent assurance of working with trustworthy property developers or building professionals.
This statistic suggests a potential market for services that can verify the credibility of construction industry players.
The survey also reveals that 51 per cent of Australians plan to purchase, renovate, or build a home or investment property in the next five years, up from 45 per cent in 2023.
However, these ambitions are tempered by concerns about building quality, builder solvency, defects, and delays.
Brad Walters, Head of Product and Rating Services at Equifax, commented on the findings, stating: “After housing affordability, the biggest barriers to buying, building or renovating a property in Australia all relate to people’s perception of the construction industry.”
To address these trust issues, independent rating tools like the Independent Construction Industry Rating Tool (iCIRT) are gaining traction.
Among Australians aware of iCIRT, 69 per cent report an improved perception of the construction industry over the past 12 months, compared to only 18 per cent overall.
The survey indicates a growing awareness of such tools, with 31 per cent of Australians now aware of independent rating tools for finding trustworthy building professionals, up from 24 per cent last year.
As the construction industry grapples with these challenges, the focus on rebuilding trust and improving transparency appears to be crucial for its future growth and stability.
