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New research from Colliers International has shown that four Australian states have hit bottom and are poised for an upswing.
House prices in Melbourne, Sydney, Brisbane and Adelaide are starting to pick up, with a booming population driving the market, the research revealed.
“Melbourne has started its recovery before the other states and it’s the benchmark for the others to follow,” Grant Dearlove, Colliers International residential managing director, said.
Mr Dearlove said Sydney was not far behind Melbourne, describing the city as a sleeping giant ready to emerge from its cage.
“Sydney and Melbourne are still experiencing population growth, register almost zero vacancy and massive demand – these are three very tasty ingredients in a residential pie,” he said.
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