Mirvac has indicated its faith in the Australian property market, especially in Queensland, where it intends to increase its holdings over the coming year.
The company is already involved in a great deal of development in the Australian state and expects the property situation to improve throughout 2012, reports the Property Council of Australia.
Matthew Wallace, Mirvac Queensland's chief executive officer, said the firm is "cautiously optimistic".
"I believe that with the Federal Reserve … reducing rates we are likely to see stronger conditions in 2012, particularly in the second half," explained Mr Wallace.
He added the resource boom in the state had played a positive role in boosting the market and helped it recover from the Queensland floods which plagued the first half of 2011.
The company has seen steady activity in its various residential developments, the chief executive officer asserted.
A report from the Australian Property Institute recently found almost 75 per cent of prospective homebuyers in Brisbane are not interested in areas which were hit by flood damage.
Posted by Steve Douglas
