Media release – date OXLEY PROPERTY MARKET RECOVERY SET TO STRENGTHEN IN 2012 Geoff Hawker from First National Real Estate Oxley 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 Hawker 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 Hawker, as the ongoing recovery from the devastating floods of last summer. According to the Outlook, residential house and land prices in Oxley are expected to begin trending upwards with the bottom of the market having been reached and limited land stocks keeping the pressure on prices. The rental market should see vacancy rates trend upwards in 2012, easing by up to 1 per cent, as owners move back into their repaired flooded properties and investment properties coming back onto vacancy lists as they are also repaired. “It is expected weekly rent prices will also trend upwards, increasing by between 1 and 5 per cent,” Mr Hawker said. Mr Hawker expects any increases in investor activity to be between 5 and 10 per cent as investors capitilise on better yields and returns and lower house prices. “But it is first home buyers who I expect will represent the strongest growth in activity in the Oxley region as they seek to ‘catch up’ following the removal of the government grant’s boost,” Mr Hawker said. Interest rates are anticipated to decrease by around 0.5 per cent which is expected to have a favourable impact on the property market making it easier for first home buyers and investors to secure a property. -
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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 Hawker, Principal from First National Real Estate Oxley, on 07 3379 2549.