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Recovery of property classes bleak
Property classes (excluding residential) are set to remain in the doldrums until 2011, according to an Australian Property Institute (New South Wales division) survey.
The survey of valuers, fund managers, property analysts and property financiers, including AMP Capital Investors, Colonial First State, Commonwealth Bank, Goldman Sachs JB Were and Macquarie Bank, showed that Sydney has not yet reached the bottom of the property cycle in either the commercial, industrial or retail property classes.
API NSW president Robert Hecek said it is predicted that growth will not occur until 2011 in Sydney, Melbourne or Brisbane.
Since the last survey in September 2008, the outlook for the property trust market has also worsened, with 79 per cent and 52 per cent seeing a moderate to significant adverse impact on the listed and unlisted property trust market respectively, Hecek said.
According to the survey, respondents don't hold positive views of domestic and international property trusts, with a clear majority seeing a moderate to strong decline in listed property over the next 12 months, while a smaller but still significant majority saw a similar moderate to strong investment decline in domestic and international unlisted property trusts and syndicates.
AUTHOR
Corrina Jack
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