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Areas of demand exist in current market: Mirvac

A leading property developer does not expect a correction in the residential property market, saying that demand is still strong.

At the Mirvac Group annual general meeting yesterday, group chairman James MacKenzie said that despite house price declines in some international markets, a significant correction was unlikely to occur.

Highly attractive areas of demand in the market currently remain, Mr MacKenzie said.

"Residential property demand is underpinned by an increasing dwelling shortfall and is supported by low unemployment,” he said.

"Nationally, it would take, in our view, around one and a half years of current housing production just to eradicate the shortfall.”

As of this week, Mirvac holds preferred tenderer status for the new development of Karratha, WA.

It is anticipated that construction, expected to develop this mining town into a city of 50,000 people, will commence in 2013.

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