Sydney, Perth and Queensland to lead property recovery
The residential property markets of Queensland, Sydney and Perth are headed for an upturn, one report has suggested.
According to SmartCompany, the BIS Shrapnel Outlook for Residential Land, 2012 to 2017 report showed market conditions are improving in a number of states, with consumer demand driving the recovery.
Perth, Brisbane, Sydney and the Gold and Sunshine Coasts have been some of the weakest markets in Australia, a trend which is set to enhance the prospects of a property revival.
Between 2007 and 2012 in Sydney, 2,809 lots were produced each year on average, a figure which is set to surge to 5,870 annually between 2012 - 2017, the report forecast.
Perth is also tipped to increase its yearly production from 7,633 to 11,280, while Brisbane is forecast for a rise from 5,372 to 5,560, the Sunshine Coast from 1,652 to 1,820 and the Gold Coast from 1,494 to 2,280.
Angie Zigomanis, BIS Shrapnel senior manager, said property conditions already appeared to be headed in the right direction.
"The rise in loans for new dwellings, although modest so far, suggests that a recovery in demand for new houses and land is beginning to emerge in these states," Ms Zigomanis explained.