Demand for property in Australia will increase over the next five years, one expert has claimed.
Frank Gelber, chief economist for BIS Shrapnel, wrote in a piece for the Australian newspaper that the demand for property over the coming years will be underpinned by a growth in the country's economy.
"Our problems will be on the supply side as a residual consequence of the global financial crisis, as insufficient investment to underwrite future growth comes home to roost in property and other sectors," he wrote.
Mr Gelber went on to say that the country avoided entering a recession due to the actions taken by the government to cushion the economy.
He added that the economy may appear a little weak at the moment, but that it has an underlying strength that will make itself known before long.
Last month, David Airey, president of the Real Estate Institute of Australia claimed that the government needs to introduce initiatives to help the Australian property market to get back on its feet.
Posted by Steve Douglas
