NEWS. COMMUNITY. HOMES. 2009
the
OCTOBER
Property Book YOUR LOCAL NEWSLETTER & BUYERS PROPERTY GUIDE
PROPERTY RECOVERY IN BANKS’ HANDS As the First Home Owners’ boost starts to phase out, First National Real Estate says the banks will determine whether the current property market revival will be sustained for any length of time. “We expect there to be a drop off in first home buyer activity once the Federal Government initiatives come to an end,” Mike Gray, First National Nerang said. “But, there is also the potential for the middle market, which is already showing encouraging signs of recovery, to be reignited, effectively making up any drop off. “With prices stabilising and consumer confidence high, the only thing that could stop the recovery continuing and strengthening, would
be the banks increasing their variable rates either with, or ahead of, the Reserve Bank increasing their rates.” In August, banks were quick to raise the fixed rates ahead of the Reserve Bank’s announcement it would hold interest rates until at least early in 2010. But as pressure mounts on governments to rein in their support of the banks, there is speculation the banks will increase their rates early to offset any potentially negative impact from this move. Mike said if first home buyers stop buying, there is potential for the emerging property recovery to stop or even reverse unless other market segments are stimulated. “There are signs throughout our network that second and third home buyers, including investors, are taking advantage of current conditions, helping push prices up as they go,” Mike said. “But, the threat of rising interest rates may impact on continued on page 2
Where It’s Cheaper To Buy Than Rent PAGE TWO
Your Chance To Grab Some Cash PAGE THREE
Some Good news for landlords and their tenants PAGE FOUR
Local Property For Sale PAGES FIVE TO ELEVEN
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