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Media release – date SUTTON PROPERTY MARKET SET TO IMPROVE IN 2012 Ross Hincksman from First National Rea Estate Hincksman Lifestyle expects the current trend of a steadying market for Sutton to continue into 2012, with the market improving as the year progresses due to a shortage of quality properties in the region. Mr Hincksman said in the First National 2012 Property Market Outlook released this week, properties priced correctly attract a number of buyers and traditional real estate values have come to the fore. According to Mr Hincksman, the key challenges facing the Sutton property market in 2012 will be reducing consumer confidence. “The market will continue on as it has been for the last 15 months,” Mr Hincksman said. “Consumer confidence is low but astute buyers will realise the opportunity of being able to pick up some great real estate at very reasonable prices.” The Outlook outlined significant planned developments which are expected to impact on the local property market in the next 6 to 12 months as: -

The Yass Valley Council adopting the plans in its Town and Villages Study 2010 which identify and outline future subdivision and development guidelines. The Yass Valley Council has also met with the ACT Government in regards to a cross border alliance for the supply of key infrastructure for a proposed residential development of 5,000 homes. This proposed development is located on the ACT’s northern border with NSW. The Palerang Council is also putting the finishing touches and conducting final consultations for its LEP.

Mr Hincksman believes property prices in the Sutton region will remain relatively flat across all sectors of houses, apartment/strata and land due to uncertainty in local market and economic conditions, which is impacting on buyer confidence. “Land prices could trend upwards, with increases of between 1 and 5 per cent as a result of lifestyle blocks becoming more popular,” he said. “Land prices are expensive in Canberra so people are looking to the lifestyle blocks as a more affordable alternative. “A good supply of lifestyle blocks throughout Wamboin and Bywong will underpin land prices in the region. A larger block subdivision has been approved near Bundaroo with block sizes of around 200 acres, which will provide future growth opportunities for the region.” The rental market should see vacancy rates tighten, trending downwards as a result of a shortage of supply of rental properties in the area. Ongoing strong demand and limited supply will keep upward pressure on weekly rent prices.

Mr Hincksman expects Upgraders to produce the strongest growth in activity for the Sutton region in the coming six months. “People are frustrated with what is on offer in Canberra and are opting for the rural lifestyle within a short drive to the city and parliamentary triangle, which is what Sutton offers,” Mr Hincksman siad. “The lifestyle in Sutton is at a more relaxed pace and a large variety of activities and close communities that are not easily replicated in the city.” Interest rates are expected to decrease by up to 0.5 per cent which is expected to help stimulate sales in the area. The economic events in Europe and America are expected to continue impacting on buyer confidence. There is an air of uncertainty and people are being cautious with their money. The introduction of the carbon tax is expected to also affect the property market, further reducing consumer confidence. - copy ends Issued by: First National Real Estate For further information or to receive a copy of the 2012 Property Outlook, Ross Hincksman, Principal from First National Real Estate Hincksman Lifestyle, on 02 6230 3672

Sutton - Media Release  

Sutton - Media Release