Media release – date NEWTOWN PROPERTY MARKET SET TO IMPROVE IN 2012 Julia Fanos from First National Real Estate Newtown expects the current falling market for the Newtown region is set to moderate into 2012, with the market improving as the year progresses, due to gradually improving consumer confidence. Ms Fanos said in the First National 2012 Property Market Outlook released this week, global economies will be the most significant factor impacting on the region’s property market in 2012. According to the Outlook, residential property prices in the Newtown region are expected to flatten in 2012 across all property sectors of houses, apartment/strata and land. “There is the potential for price increases of between 1 and 5 per cent,” Ms Fanos said. The rental market should see vacancy rates trend downwards, tightening with increases of up to 1 per cent due to strong demand which will place upwards pressure on rents, increasing them by up to 1 per cent. Ms Fanos expects investor activity to increase by up to 1 per cent but says it is first home buyers who represent the strongest growth sector as a result of supply of suitable and affordable properties falling short of demand. Interest rates are expected to decrease, which, Ms Fanos says, should help improve market confidence. “The economic events in Europe and America will also impact on buyer confidence,” she said.
- copy ends Issued by: First National Real Estate For further information or to receive a copy of the 2012 Property Outlook, Julia Fanos, Principal from First National Real Estate Newtown, on 02 9557 5893