Demand for property in Australia set to increase over next two years

Now could be the perfect time to buy a property in
Australia.  That’s the conclusion
of a new survey which has found that demand for residential property in three
major Australian cities is expected to pick up next year.  The
Australian reports that ‘retail property languishes at the bottom of the
cycle’, meaning that prices are set to rise as demand increases.

If you’re considering buying property in Australia, keep
reading for everything you need to know about the current state of the market.

Australian property
market expected to report slow growth in 2012 and 2013

An Australian Property Institute (API) survey of more than
30 industry players expects the Australian residential property market to see
increased demand in 2012 and 2013.

API NSW Vice President Tyrone Hodge said that the
residential property market was slowly improving.  Residential property markets in Sydney, Melbourne and
Brisbane have recently stalled near the bottom of the property cycle and small
advances are predicted over the next two years.

The Australian reports
that ‘the Sydney residential property market had shown little movement over the
past seven years and it was not expected to make significant progress over the
next two.’

The market would continue to be flat due to a lack of
affordability and a lack of new property. 
Mr Tyrone said: “There’s just no stock available in Sydney, and
it’s the same in Brisbane.”

Nick Marr, director at overseas property portal  HomesGoFast.com, said: “The property market in Australia has been slowed over the last year
or two.  Interest rate cuts in late
2011 did little to stimulate the housing market and I expect further cuts in
mid 2012.

“With property in Australia at the bottom of the cycle, now
could be the perfect time to buy before demand and prices start to rise.”