A two-tiered residential property sector has emerged across many areas of Australia, a sector expert has revealed.
According to Angie Zigomanis, residential property senior manager at BIS Shrapnel, resource-rich states like New South Wales, Queensland and the Northern Territory are showing positive signs of recovery at present, while other areas of the country are falling away.
She told the Property Council of Australia that a lack of development in cities like Sydney and Brisbane has resulted in stronger supply and demand fundamentals.
Ms Zigomanis commented: "There's an accelerating rise in employment in the inner city areas ... But there's not necessarily the same rise in the construction of apartments to accommodate them."
Meanwhile, economist at CommSec Savanth Sebastian recently told Australian Property Investor that a recovery in the Australian homes sector could be "imminent".
He argued that a rise in owner-occupier loan approvals in June could be the first sign of markets picking themselves back up.
Posted by Craig Francis
