By Robert Carry

The worst of the decline in property values seen across Australia since the beginning of the global financial crisis is now over, the chief executive of the country's largest real estate trust has claimed.

According to reports in The Australian, GPT Group's Michael Cameron told guests at a business function that his previous prediction of a relapse in property value falls is looking increasingly unlikely.

"I think there is a chance that we may have, in fact, already been past the bottom of the cycle," said the executive on Tuesday. He continued, "With rents now starting to increase in some of our capital cities, the valuations may in fact not have only stopped falling, but in fact be on the way up."

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