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Media release – date DURAL PROPERTY MARKET SET TO IMPROVE IN 2012 Pauline O’Neill from First National Real Estate Dural expects the current moderating Dural property market to rise in the coming six months, with signs of improvement over recent months through increased vendor interest and gradually improving consumer confidence. “The most significant factor impacting on the property market into 2012 will be fluctuating interest rates with any additional decreases expected to further strengthen buyer confidence and produce house price increases,” Ms O’Neill said in the First National 2012 Property Market Outlook released this week. “The key challenge will be the general lack of confidence in market conditions due to little incentives as a result of stable prices and limited capital growth.” Ms O’Neill said the commercial property market is stimulating some interest in the immediate Dural area with slow steady growth encouraging more people to the area to be closer to work. According to the Outlook, house prices in Dural are expected to trend upwards with increases of up to 1 per cent as a result of increased confidence and better listings coming onto the market. Land prices are expected to remain relatively flat, with the potential for some downward movement of up to 1 per cent due to a lack of buyer interest in building new homes. Ms O’Neill believes the rental market will continue to perform quite well, with rental properties are scare in the region, so vacancy rates are expected to remain flat with the potential for some tightening with decreases of up to 1 per cent. “The slow rental market is due to a lack of investors and limited supply, however it is this scarcity of properties to rent that should see weekly rent prices increase by up to 5 per cent in the coming six months,” Mr O’Neill said. Upgraders are expected to generate the strongest growth in activity in the Dural region, especially if interest rates drop further which will strengthen general confidence even more by this sector. Interest rates are expected to decrease by up to 0.5 per cent which should improve market conditions, stimulate activity and bolster consumer confidence. The economic events in Europe and America are expected to continue impacting on buyer confidence, especially those with share portfolios. Demand for rural properties in the Dural area are from existing residents seeking to upgrade to a lifestyle property and as confidence returns it is expected interest from these buyers should increase, although prices should remain relatively stagnant for the first half of the year at least.


The commercial property market over the last 12 months has performed relatively well, with warehousing built over the last 10 years finally starting to move. “Sales have been made, although at reduced prices and current stocks are expected to be leased, with no new properties being built until this is done,” Ms O’Neill said. “It is expected sales will continue to increase in the next 12 months, due to the attractiveness of the region.” Light industrial is the commercial property sector expected to show growth over the coming 12 month period. A commercial property hot spot for Dural is the Norwest Business Park which is continuing to grow. New affordable and luxury homes have been built and are still being built in the area and more land is being released to attract people to the region. Expected interest rate decreases, combined with current market conditions, should encourage people to consider commercial property for their self managed super funds. The government’s carbon tax, while a good place to start, will make no real difference – it is up to the individuals and not companies to do something like opening windows. - copy ends Issued by: First National Real Estate For further information or to receive a copy of the 2012 Property Outlook, Pauline O’Neill, Principal from First National Real Estate Dural, on 02 9641 1109

Dural - Media Release  

Dural - Media Release

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