Optimism in the Australian property market has started to increase since the end of November, according to the Australian Finance Group (AFG).
Mark Hewitt, general manager of sales and operations at AFG, said that the housing market almost froze in 2010, but that data his firm has seen since November "suggests the return of cautious optimism".
He went on to say that the floods in Queensland would cause something of a setback, but a greater level of activity was still returning to the market in general.
"This is being aided by increasing competition from the non-major lenders," Mr Hewitt added.
He suggested that it was unusual that Australia's resource states were the worst performers when it came to residential property last year, as property in mining areas tend to sell well.
Interest in property in these areas could soon increase as the Australian Visa Bureau recently claimed that mining company Rio Tinto needs to employ around 6,000 more workers in the next five years.
Posted by Craig Francis
