Australia homes market 'to stay stable'

A leading property developer says Australia’s residential property market should continue to stabilise and outperform many other countries.

Mirvac Group chairman James MacKenzie has told the annual meeting, “It is fair to say [the Australian residential market] has performed better than many international markets in recent years and we expect it to remain stable overall in the near term.

“Specifically we see pockets of strength in New South Wales combined with continued weakness in South East Queensland and the outer suburbs of Melbourne.”

Another factor that boosted housing demand was affordability and it was significant that from the final quarter of 2010 to the September quarter of 2012 house price affordability improved by around 25%, he told the meeting at the Sofitel’s Wentworth Ballroom, in Sydney.

Mirvac has a market capitalisation of around $4.6billion and is listed on the Australian Securities Exchange. It has been established for 40 years.

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