Picton - Media Release

Media release – date PICTON PROPERTY MARKET SET TO IMPROVE IN 2012 Gerard Smith from First National Real Estate Gerard Smith expects the current trend of a steadying market for Picton to continue into 2012, with the market improving as the year progresses.

Mr Smith said in the First National 2012 Property Market Outlook released this week, the key challenges facing the Picton property market in 2012 will be the economic downturn with the stock market and ongoing lack of consumer confidence.

“Interest rates, consumer negativity and the carbon tax will also be the significant factors facing the Picton property market in 2012,” Mr Smith said.

According to the Outlook, residential property prices in the Picton region are expected to remain relatively flat across all sectors of houses, with price movements in the vicinity of 1 to 5 per cent.

The rental market should see vacancy rates ease, trending upwards and increasing by between 5 and 10 per cent.

Weekly rents are expected to trend upwards as well, increasing by between 5 and 10 per cent as well.

Mr Smith expects investor activity show growth increasing by between 5 and 10 per cent but said it was the upgrader segment that was expected to show the strongest growth.

Interest rates are expected to remain unchanged, but it is the introduction of the carbon tax which is expected to affect the property market the most, generating higher home prices.

- copy ends Issued by: First National Real Estate For further information or to receive a copy of the 2012 Property Outlook, Gerard Smith, Principal from First National Real Estate Gerard Smith, on 02 4677 1488