Matthew Wallace, Australian property developer Mirvac's Queensland chief executive, has expressed hope that 2012 will see a degree of recovery in the Australian market.
The developer is undertaking a $1 billion (£657 million) project on the Gold Coast in 2012, according to the Gold Coast Bulletin.
Mr Wallace said Mirvac would consider further developments or acquisitions if the market continued to grow, after what he considered "a marked improvement" in the second half of 2011.
He cited the resources boom in the country and the Reserve Bank of Australia's decision to cut interest rates as two reasons for the improvement in the property sector.
"You only have to look at Brisbane's commercial office market and it won't be too long before this impetus will start to filter down to the rest of the economy," added Mr Wallace.
Figures released recently by RP Data show that Australian property prices rose for the first time this year in November, with values of capital city homes moving up by 0.1 per cent.
Posted by Steve Douglas
