Resi property set to rebound: survey

By By BN | Thursday, 17 September 2009, 17 September 2009

Residentialproperty is most likely to lead the property market out of the economic downturn according to Australian Property Institute's latest Australian Property Directions Survey, reported The Australian Financial Review.

Property professionals are more upbeat about the outlook for the sector compared with the previous survey six months ago, which reported a dramatic fall in sentiment.

In particular, the survey found residential property was on the road to recovery, and the upturn was expected to continue into 2011.

"Sydney and Melbourne are already seen as being on the upswing, and will be joined by Brisbane in 2010," said Robert Hecek president of API NSW.

The survey found that other property classes - retail and commercial and industrial - were viewed as nearing the bottom of the cycle