Australian house prices will recover thanks to the short supply of houses – but it will be modest, the chief executive of Lend Lease Steve McCann told ABC-TV’s Inside Business.

“The downturn we have seen will bottom out and a recovery will occur in a hopefully relatively short order,” Mr McCann says.

“We don’t see massive pressure on prices and it will take some time for the economy to get back into full swing and that should result in the right sort of balance.”

Melbourne has experienced the highest jump in housing prices in Australia, rising by about 6% since the beginning of the year.

 

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Tags: Australia, Downturn, House Prices

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