Residential property market strongest in Sydney
Prospective homebuyers looking to purchase residential property in the country's east coast capitals should look no further than Sydney, a survey has revealed.
According to the Australian Property Institute's (API) property directions survey, a real estate market revival is underway in the New South Wales capital, outperforming Melbourne and Brisbane which are lagging behind.
While Sydney is already moving upwards in terms of real estate performance, the survey found that Melbourne is still to hit its low and Brisbane is hovering at the bottom of its downward cycle.
Therefore, with the Sydney market to trump the other two east coast capitals, property investors and homebuyers looking to purchase real estate may be interested in what the harbour city has to offer.
"In two years' time, respondents see residential property moving further along the upswing with Melbourne lagging behind Sydney and Brisbane," the API said in a statement.
Comprising opinions and expectations of property experts and industry professionals, the survey also found the commercial property sector is outperforming the residential market, with dwelling prices showing strong growth in the three capitals.
Investors looking to make a stake in industrial property may be interested in the Queensland capital, with Brisbane's sector anticipated to lead the market within the next two years.