Reports Forecasting Property Recovery

According to PRDnationwide’s first 2013 Quarterly Economic and Property Report there is a belief that the property  market has strong fundamentals in place for an upswing in Australia.

PRDnationwide’s Index “ Time to Buy a Dwelling Index” is  showing a significant increase in New South Wales and Victoria and a marginal increase in Queensland. The indicator  measures consumer sentiment regarding whether it’s a good time to buy a property.

National Research Manager for PRDnationwide Aaron Maskrey, says the index is reversing a long-held trend which has been falling over the past decade.

The index has shown Queensland having only a marginal increase, however has the highest overall index score indicating that Queensland is where most buyers believe the time is right for an acquisition.

According to Maskrey There are more qualitative reasons for Queensland property buyers to be bullish too. “I was talking to some colleagues from Sydney and Melbourne. They believe the recovery is going to be led by southeast Queensland because it’s more affordable compared to other states.”

The report is optimistic about a stronger second half of the year in 2013 for the Australian economy as a whole.