Parra Hills - Media Release

Media release – Date PARA HILLS PROPERTY MARKET TOUGHENS IN 2012 Paul Taylor from First National Taylor’s expects the Para Hills property market to be even tougher, with even further falls earmarked for 2012.

“A lack of good quality stock coming on to the market, along with economic factors such as global economies, interest rates and consumer confidence will affect the property market in the coming six months,” Mr Taylor said in the First National 2012 Property Market Outlook released this week.

According to the Outlook, residential property prices in the Para Hills and surrounds are expected to flatten in 2012 across all sectors of houses, land and apartment/strata properties.

“There is potential for some decreases of between 1 and 5 per cent with the market being stymied by ongoing global economic concerns and local market conditions,” Mr Taylor said.

The local rental market is expected to remain relatively flat in 2012, with the potential for vacancy rates to increase by up to 1 per cent and weekly rents decrease by up to 1 per cent.

Mr Taylor expects investor activity to produce the strongest growth for the Para Hills and surrounds region.

“Falling prices are expected to see investors activity grow by between 5 and 10 per cent in 2012,” Mr Taylor said.

Interest rates are expected to remain unchanged in the first six months of 2012.

The introduction of the carbon tax is expected to reduce consumer confidence, further impacting the region’s local property market.

- Copy ends – Issued by: First National Real Estate.

For further information or to receive a copy of the 2011 Property Outlook, Paul Taylor, Principal from First National Taylor’s, on 08 8264 2223