House prices set to rise: Lend Lease

The head of the property construction and management group Lend Lease says house prices will recover, aided by a shortage in housing.

Lend Lease’s chief executive, Steve McCann, told ABC television on Sunday that there was a general shortage of housing, which gave him confidence that the downturn in the sector would “bottom out” and start to recover.

House prices in Melbourne have risen by just over 6 percent since the start of the year, the highest jump in Australia; while apartment approvals slumped by 43.6 percent in May.

McCann said a recovery could take some time, and the “right balance” will return to the market when the economy fully recovers.

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