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Property market 'will see strong growth in 2011'

Strong growth will be experienced by the Australian property market in 2011, John McGrath of McGrath Estate Agents has claimed.

The Australian property market will experience strong growth this year, an expert has claimed.

According to John McGrath of McGrath Estate Agents, the "green shoots" of recovery that were witnessed in 2010 will continue to blossom in 2011.

"With a continuing shortage of property around the country, rising rents and a rebounding economy, the drivers are in place for a strong year in property," he explained.

Mr McGrath outlined a number of positive key drivers of the market in 2011, including economic confidence, population growth and an increase in property investors.

He emphasised the latter by highlighting reports from the Australian Finance Group that investors are taking up 35 per cent of all new loans nationally and 41 per cent in New South Wales.

Last month, KPMG partner Bernard Salt wrote in a piece for the Australian newspaper that even the popularity of property in the flood-affected areas of Queensland would recover in time.

Posted by Ravin Chatlani 

- property, markety, sales, prices, 2011, recovery

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