Australia's residential property markets will not crash, but will recover, BIS Shrapnel has forecasted.
This is despite the fact that many capital cities recorded a decline in median house prices in the year to March 2011.
Angie Zigomanis, senior manager of residential property at the leading industry analyst and economic forecaster, said that prices will be steady for the rest of 2011.
However, she said that some capital cities will show moderate price growth over the next two years.
The company's Residential Property Prospects, 2011 to 2014 report states that the 2010/11 residential market noticed a fall in first-home buyer numbers.
This led to a weaker demand from those seeking to upgrade their existing Australian property to something a little bigger or more expensive.
Last month, figures from the Australian Bureau of Statistics revealed that more first-time buyers were entering the Australian property market.
The Housing Finance report for March 2011 shows that the number of first-home buyers, as a percentage of total owner-occupied housing commitments, increased from 14.9 per cent in February to 16 per cent in March.
Posted by Ravin Chatlani
This is despite the fact that many capital cities recorded a decline in median house prices in the year to March 2011.
Angie Zigomanis, senior manager of residential property at the leading industry analyst and economic forecaster, said that prices will be steady for the rest of 2011.
However, she said that some capital cities will show moderate price growth over the next two years.
The company's Residential Property Prospects, 2011 to 2014 report states that the 2010/11 residential market noticed a fall in first-home buyer numbers.
This led to a weaker demand from those seeking to upgrade their existing Australian property to something a little bigger or more expensive.
Last month, figures from the Australian Bureau of Statistics revealed that more first-time buyers were entering the Australian property market.
The Housing Finance report for March 2011 shows that the number of first-home buyers, as a percentage of total owner-occupied housing commitments, increased from 14.9 per cent in February to 16 per cent in March.
Posted by Ravin Chatlani
