Sydney home prices lead recovery

 The Australian Property Institute's (API) Property Directions Survey suggests Sydney property values are rising, while other capitals will be slower to rebound. The survey, which taps real estate professionals like analysts and valuers, found that Sydney residential property values are climbing more rapidly than other cities. Brisbane is struggling to keep up and Melbourne is performing under expectation. "In one year's time, residential property is seen as having commenced the upswing in Sydney and Brisbane, with Melbourne seen as reaching the bottom of the cycle," said the API in a statement. "In two years' time, respondents see residential property as moving further along the upswing with Melbourne lagging behind Sydney and Brisbane." The survey found the commercial property market is improving faster than the residential market, with industrial values rising in all east coast capitals. The strongest price growth in the next 12 months is anticipated in Brisbane, while Melbourne prices have further to fall before bouncing back. Overall the survey predicts the flat market will continue into 2013, but start to rebound in 2014 and swing upwards through 2015. by