Property price recovery to take years not months: Lend Lease's Kylie Rampa
The residential recovery will unfold over years, rather than the 2019 spring quarter, according to Lendlease's chief executive for property in Australia, Kylie Rampa.
"We feel we are in the trough of the residential market. It is bottoming out," Rampa said.
She cited "a dislocation in the credit markets" following the Hayne Royal Commission as a significant factor that had dragged on the market.
She also told Nine Entertainment that the market was hurting from Chinese capital controls, along with increased stamp duty and taxes for foreign purchasers.
Low interest rates and improving affordability were helping the recovery, she said.
"We think it will flow through over a period of time. We're not expecting a full recovery in a quarter.
"You start to get some price growth then you get some more activity, it all starts building. It will take time. Over the next two to three years we think the market will continue to strengthen.
"We always say 'you go up by the stairs and down by the elevator'," she said.
"It takes time for the credit market to come back. It is coming back but it is not back to where it was at the peak of the cycle."
