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Despite the recent weakness in housing, economic forecaster, BIS Shrapnel, has predicted an increase in residential property late into 2009.
Managing director of BIS Shrapnel, Robert Mellor, told The Australian Financial Review he expects prices to recover in the second half of 2009, led by growth of up to 3% in Brisbane and Sydney.
Despite two quarters of negative growth, Mellor said prices would not continue to decline due to a "solid" availability of mortgage finance and an under supply of housing stock.
He said the credit crunch side effects of reduced liquidity and reduced new development would support Australian residential property prices in 2009.
Mellor's comments come amidst predictions that the RBA will tomorrow further reduce rates in a bid to bolster economic growth.
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