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Your Guide to Property in 2010
Executive Summary
Much of the detailed property commentary provided in the Australian market is conducted and presented by analysts a long way from the high street where most property transactions take place. First National Real Estate has more than 400 members on the ground in cities, suburbs and country towns across Australia.
So, we undertook a survey of our member agents to compile a picture of the property market for Australia overall, on a state-by-state basis and importantly, at the local level.
Consensus amongst our members is that property prices will stabilise and slowly increase through 2010.
Supply and demand are still the major issues for the property market. Not enough dwellings are being
built to cater for demand from record levels of population growth. This will continue to put pressure on rental markets and drive price growth into the near future.
Two other key factors affecting the property market in Australia over the coming 12 months will be higher interest rates and uncertainty around employment.
Potential exists for employment levels to remain steady, if not grow due to increased demand for Australia’s resources in the mining and agricultural sectors. However, there is an ongoing impact on many businesses from the Global Financial Crisis, from which Australia’s recovery is still uneven. Opportunities exist for investors and second time buyers to upgrade while, despite forecast increases, Australia will continue to enjoy relatively low interest rates.
Tightening lending policies by banks may also impact on the market.
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