A survey by the Australian Property Institute has revealed that Melbourne’s property market is yet to hit the bottom of the cycle.
The Australian Property Directions survey, whose respondents include the big four banks and a number of other authoritative groups, found that recovery of the Melbourne market is not expected until 2014 when real estate markets across the nation are expected to see growth.
Over the next two years, Sydney and Brisbane residential property is seen to be advancing from the bottom of the cycle at a faster pace than in Melbourne.
The survey also found that commercial, industrial, retail and residential property in all 3 cities are seen as currently being stalled at or near the bottom of the property cycle, and are predicted to advance slowly along the cycle over the next 2 years.
Similarly to the September 2011 survey, all classes of property in all cities were seen as making “only small forward progress” on the upswing of the cycle over the next two years.
Commercial property was seen to be progressing further along the upswing over the next two years than industrial, retail and residential property. Retail property is seen as being the least advanced along the upswing of the four property types.