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Overseas Property News
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Australia property sector facing consolidation
Country: Australia
8 May 2009 The Australian property sector could be dominated by a handful of property agents and developers within the next 12 to 18 months, according to Mirvac managing director Nick Collishaw. Speaking at a business lunch in Melbourne earlier today, Collishaw said that there could be a limited number of players remaining in the sector within the next year or so. "I think we will end up not unlike the banking sector with four or five, maybe six business which are solid, globally developed and represent Australian real estate," Collishaw said. "They will be well supported, they will be highly liquid, they will have market caps greater than $5bn [£2.2bn], and then it will be a massive void down to the stocks that the day traders will buy," he added. Mr Collishaw said that there were genuine “green shoots” that the property sector was improving, with demand for property in Australia improving.
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