Real Estate group Ray White says investors are returning to the property market after its sales for June rose by 33 per cent from the same month last year.
Australasia's largest real estate company also forecast continue sales growth in the second half of calendar 2009 on the back of improved investor confidence.
Group sales for June rose to $2.411 billion, from $1.8 billion in the corresponding month in 2008.
"Despite months of negative reports on the economic downturn and the global recession, I think investors in Australia are starting to realise it's not the end of the world and they are regaining confidence,'' Ray White Deputy Chariman Sam White said.
"They're also starting to see that property investment has a lower level of risk when you compare it with the volatile sharemarket.
"Despite a small decline in the real estate market since early 2008, it is still actually performing quite well nationwide.''
Ray White's figures show property sales in all states grew in the double digits from a year ago, with New South Wales a stand out with sales growth of more than 40 per cent following a lift in high-end property sales.
Australasia's largest real estate company also forecast continue sales growth in the second half of calendar 2009 on the back of improved investor confidence.
Group sales for June rose to $2.411 billion, from $1.8 billion in the corresponding month in 2008.
"Despite months of negative reports on the economic downturn and the global recession, I think investors in Australia are starting to realise it's not the end of the world and they are regaining confidence,'' Ray White Deputy Chariman Sam White said.
"They're also starting to see that property investment has a lower level of risk when you compare it with the volatile sharemarket.
"Despite a small decline in the real estate market since early 2008, it is still actually performing quite well nationwide.''
Ray White's figures show property sales in all states grew in the double digits from a year ago, with New South Wales a stand out with sales growth of more than 40 per cent following a lift in high-end property sales.
Mr White said the combination of low interest rates, softer property prices, a shortage of housing stock and strong rental demand was attracting investors.
"They are returning to the market and should continue to do so over the second half of the year, particularly in fringe areas within commuting distance of the major capital cities,'' he added.
Ray White sales in Queensland grew by 27 per cent in June from a year ago. South Australia and Northern Territory sales were up 25 per cent while Victoria and Western Australia sales were both up 23 per cent.
"They are returning to the market and should continue to do so over the second half of the year, particularly in fringe areas within commuting distance of the major capital cities,'' he added.
Ray White sales in Queensland grew by 27 per cent in June from a year ago. South Australia and Northern Territory sales were up 25 per cent while Victoria and Western Australia sales were both up 23 per cent.
