Victoria Outlook It is a similar picture for apartment/strata prices where 64.2 per cent said they expected them to remain flat, 14.2 per cent said they thought they would trend downwards and 21.4 per cent believed they would trend upwards. Movements were anticipated in the region of up to 5 per cent, with a few saying they could be as much as between 5 and 10 per cent. Land prices were anticipated to trend upwards by 42.8 per cent of Victorian respondents, by mainly up to 5 per cent, although some said movements could be as much as up to 20 per cent. A downward trend was anticipated by 28.5 of Victorian survey respondents, and 28.5 per cent thought they would remain flat.
Rental Market The rental market is expected to strengthen, with vacancy rates tightening, and weekly rents trending upwards. The survey showed the majority of Victorian respondents believed vacancy rates would trend downwards, 15.3 per cent anticipated they would trend upwards and 23 per cent said they expected weekly rentals to flatten. Movements in vacancy rates were anticipated to be no more than 5 per cent, with any decreases seen as a result of a lack of rental supply due to fewer investors buying, higher interest rates and increases in land and other taxes Based on the survey, all Victorian respondents believed weekly rents would trend upwards, increasing mainly by up to 5 per cent, although there were some expectations they may increase by as much as up to 10 per cent.
Growth Growth was anticipated across all sectors including first home buyers (33.3 per cent), investors (33.3 per cent), upgraders (26.6 per cent) and retirees (6.6 per cent). Growth is expected to result from increased second buyer activity, better rental yields and easing of bank lending criteria. First home buyer growth will be seen from early 2012 as the lower stamp duty begins to take effect.
First National Real Estate 2011 Property Market Outlook 23
First National Real Estate Mid Year Property Outlook 2011 - Tweed City NSW