subject: Residential Property Demand Increases In Major Australian Cities [print this page] The statistics collected by the survey showed that the people are more interested in buying residential property in Melbourne, Sydney and Brisbane. However, retail real estate has the lowest number of buyers. API (Australian Property Institute) surveyed over 30 investors and pointed out that the industrial and commercial property will experience growth in the coming years. After the year 2014, all segments of the property market will face a major uplift. As per the current scenario of the property market in Australia, shopping malls and the real estate market have a few buyers whereas the buyers show their willingness to make investments in residential property.
The economists studied these scenarios and suggested the shopping center owners that they must think of alternatives because people prefer shopping on the internet nowadays. In Sydney, Melbourne and Brisbane, people want to buy residential property now which was not observed in the last seven years. As per the supply and demand, there is a need to lay down plans to cater to the increased demand in residential property. The incapability of people to afford new and existing homes may not accelerate the movement in the property industry for some time. There would be an improvement in the rents also but the major improvement can be observed in industrial property as compared to commercial and retail sectors.
A report has revealed that approximately 40% of people are willing to enter the real estate market in this year while 61% want to buy property in Australia in the next 5 years. The survey was conducted to determine the willingness of people to buy property in various parts in Australia. An annual mortgage report was released by QBE Lenders Mortgage Insurance that conducted this survey and about 1161 people residing in different parts of the nation participated in it.
The statistics showed that people will be interested in buying the property in Australia in coming years. The interested investors believe that the property price would remain stable for some time and may increase in the next three years. It is clear from the reports and surveys of the property market that home buying would take place in near future.
According to the survey, the rent on commercial property in Brisbane will increase in coming next month in comparison to Sydney and Melbourne.
