Australia's housing industry may be facing a recession, but the shortage of land in America provides a "once in a century opportunity", according to one Oz developer.
The investment firm Drapac Group stated this week that the US prices have "never been lower", suggesting that American real estate had reached the point Australia was at in 1992.
''The US will have its biggest land shortage in history. The property market must come back at new house level - Americans will always want a new house,'' Managing Director Michael Drapac told OPP.
Drapac is currently planning to expand his company in the US and spend half of 2012 in the country, purchasing in cities such as Detroit, where opportunities hold more potential than Melbourne, bolstered by the height of the Australian dollar.
"An abundance of data indicates that Detroit is coming back powerfully," he added. "Confidence drives markets. A perception and belief that Detroit is coming back hard, is becoming prevalent."
"''There is the allure of a one in 100 years event in the US. The Australian dollar is high, and opportunities in Melbourne are relatively limited. They would like to capitalise on that."
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