Media release – date SOUTH BRISBANE PROPERTY MARKET RECOVERY SET TO STRENGTHEN IN 2012 Geoff Dowling from First National Real Estate Metro says the local property market is showing lots of potential for 2012, with signs already that a slow recovery is underway. “In the last six months, the market has been falling, but this is expected to steady as 2012 begins and the effects of the floods and cyclones wear off, and interest rates reduce,” Mr Dowling said in the First National 2012 Property Market Outlook released this week. The key challenge facing the region’s property market in 2012 is seen by Mr Dowling as low stock levels and ongoing impacts from global economies. According to the Outlook, residential property prices in South Brisbane are expected to flatten in 2012 across all sectors of houses, apartment/strata and land. The rental market should see vacancy rates trend downwards in 2012, tightening by between 1 and 5 per cent. It is expected weekly rent prices will trend upwards by between 1 and 5 per cent. Mr Dowling expects any increases in investor activity to be between 1 and 5 per cent although it he says the Upgrader segment is expected to represent the strongest growth in activity in the South Brisbane region. Interest rates are expected to further decrease which should assist the property market by returning consumer confidence, improving affordability and stimulating activity. -
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Issued by: First National Real Estate. For further information or to receive a copy of the 2012 Property Market Outlook, Geoff Dowling, Principal from First National Real Estate Metro, on 07 3840 5900.