Confidence within the property sector within Australia has hit its lowest level in three years amid growing levels of concern about residential market oversupply and a weakening state of the economy as well as political uncertainty at the federal level and disappointment about a number of policy decisions at the state level, the latest survey results indicate.

Unveiling the results of the September quarter version of a survey it conducts in conjunction with ANZ, the Property Council of Australia said its Property Industry Confidence Index had dropped back by three points to fall from 131 in the June quarter to 128 in the September quarter – well…