Owning property is the cornerstone of the Australian dream, one commentator has claimed.
Robert Bryant, of market research firm IBISWorld, wrote in a piece for smartcompany.com.au that Australian property can provide not only financial, but emotional security for people.
He also emphasised the fact that buying a home often represents the largest investment a person will make in their lifetime.
Mr Bryant predicted that demand for property in Australia will increase over the next five years as the number of migrants entering the country increases, driving the population up.
"This high demand for new housing … coupled with the stabilisation of interest rates and the continued solid economic indicators paves the way for a cyclical upswing of investment late in the five-year period," he wrote.
Earlier in the month, the Housing Industry Association claimed that the construction of new property in Australia is not occurring quickly enough to meet the demand from the country's ever-expanding population.
Posted by Ravin Chatlani
