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Sydney will drive the national residential property market’s upswing in 2010 according to the latest survey from the Australian Property Institute (API).
The survey, released yesterday, found that members of the property industry expect Sydney to be the first market to emerge from the current downturn; it was widely viewed by the survey respondents as very close to bottoming out.
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Melbourne and Brisbane will also see their markets turn the corner but their recoveries will not occur until close to 2011.
The survey also found that commercial and industrial markets are still on the downswing and expectations are that prices will not begin to rise until 2011 in all three markets.
