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Affordability the main problem: Australand

The managing director of Australand Property Group, Bob Johnston, has added his voice to the chorus of industry leaders warning that property prices will stall this year.

Jonston dismissed the argument that undersupply would continue to push prices upwards. He claimed that unaffordability, driven by rising interest rates, would play a much greater role in shaping the direction of the market.

Australand would largely avoid luxury developments this year, Johnston said, focusing on affordable housing. "Demand in the more affordable market segments is expected to be sustained," he said.

Around 90% of Australand's forthcoming projects are pitched at the affordable or mid-tier markets.

By BN | 16 Apr 2010