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Sydney housing boosts property outlook

The Australian Property Institute's latest survey, conducted across all property sectors in Sydney, Melbourne and Brisbane, found Sydney housing had the best prospects for growth as it neared the bottom of the cycle.

Sydney housing is one of the few bright spots in the Australian Property Institute's latest sentiment survey.

The half-yearly Australian Property Directions survey found 73 per cent of respondents had a negative outlook for listed property trusts, but delivered better news for Sydney residential, even though 48 per cent of respondents still doubted the overall housing market.

The survey, conducted across all property sectors in Sydney, Melbourne and Brisbane, found Sydney housing had the best prospects for growth as it neared the bottom of the cycle.

"There will be a pick-up in 2009, continuing through to 2010, ahead of markets in Melbourne and Brisbane," said NSW API president Chris Egan.

For office property, all three capital city markets were seen as having just passed their peak, with a downswing predicted for 2009. Similarly, industrial property was also regarded as having passed its peak in all three cities, with markets expected to bottom in 2010.

- property, Sydney, NSW, office, housing

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