SYDNEY’S residential is showing potential of staging a recovery in 2010, respondents of the Australian Property Institute survey believe.
The API Directions Survey of valuers, fund managers, analysts show respondents believe Sydney’s residential property market is nearing the bottom.
API NSW president Robert Hecek said the survey found the fall in sentiment over the last six months is the most dramatic fall since the survey began in 1998.
But he said respondents predicted the residential market in Sydney will be the first market to move forward next year – ahead of the other property classes and markets in Melbourne and Brisbane.
The respondents believe Melbourne and Brisbane are at least 12 months behind Sydney and will not see any growth until 2011.
Hecek said in the residential market, Sydney is seen as nearing the bottom of the cycle, with potential for growth in 2010, continuing into 2011.
Meanwhile the survey found an overwhelming majority of respondents, 82%, felt that the Federal Government’s economic stimulus package would have a positive influence on residential property.
“A majority of respondents felt the measures, including cash handouts and the First Home Owners Grant, would not have any impact on commercial or industrial property,” Hecek said.
Australian Property Journal
