Monday November 3, 2008

Residential property markets to revive in 2009 despite global conditions

Leading economic forecaster and industry analyst, BIS Shrapnel expects that residential property prices will rise over the course of 2009, following a weak performance in 2008. The company says it is likely that residential property prices declined in most cities in the September quarter of 2008, following on from a marginal fall in the previous quarter.

"On the surface, these two quarters of decline may appear to represent a recession‚ in residential property markets, says BIS Shrapnel's Managing Director, Robert Mellor." However, we do not expect that the recent weakness represents the beginning of a sustained decline in prices, of the type that is underway in the US and the UK.
 
 Contact: Robert Mellor