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MBA highlights possible property market recovery

MBA has pointed to new data highlighting a possible recovery in the Australian property sector.

Master Builders Australia (MBA) has highlighted encouraging data from the Australian Bureau of Statistics that points to a recovery in the Australian property market.

According to the findings, combined figures for the construction and purchase of new dwellings across the country rose by 4.1 per cent in August, and up by 10.7 per cent over the same month of 2011.

Chief economist at MBA Peter Jones commented: "The figures reveal that housing finance may have found its floor which is encouraging, but also shows that any recovery will be coming from an extremely low base."

He added that this is a positive trend that is very welcome, but it highlights the fact that any recovery is set to come from a very low base level for markets.

Meanwhile, Rismark International chief executive officer Ben Skilbeck recently told Australian Property Investor that average capital property values across Australia rose by 1.4 per cent last month.

Posted by Steve Douglas

- MBA, building, construction, economy

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