INVESTORS will gradually return to the housing market this year, leading to a pick-up in activity and the start of a recovery for the sector, according to property group Mirvac. The forecast came as a survey of residential builders by Master Builders Australia showed a sharp jump in confidence in the March quarter.
The improved sentiment follows mixed conditions in 2006. The Reserve Bank’s three interest rate rises last year put a cap on activity, Mirvac’s March-quarter report said. “Investors are expected to gradually return to the housing market once they regain confidence that interest rates have peaked,” the report said. More…..