First National reveals expectations for property prices ? First ...

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First National Real Estate has again surveyed its 400+ member network to provide its 2012 Property Market Outlook ? Mid Year Update.

This Update serves to compare actual market conditions with the predictions of economic commentators and property market analysts.

First National Real Estate members are broadly distributed across Australia, throughout cities, suburbs and country towns. As such, the network?s estate agents are exposed to mainstream Australia and are intimately acquainted with the views of the public, their response to government initiatives, their levels of confidence and their approach to property investment.

PROPERTY PRICES

Residential

Despite a more stable start to 2012, national home values declined cumulatively, by 2.2%, for the first five months of the year ? bringing overall values down by 5.3% over the 12-month period for:
??? ?a median dwelling price of $470,000
??? ?a median house price of $490,000, and
??? ?a median unit price of $430,000.

MEDIAN PRICES FOR DWELLINGS, HOUSES AND UNITS

However, according to our members, property prices across all sectors of houses, land and apartment/strata, are expected to stabilise in the coming six months:

PROPERTY PRICES ? SURVEY RESPONSES

Weak consumer sentiment remains a barrier to recovery in dwelling values.

Industry statistics show house price declines nationally, year-on-year, at 5.8%, while units are at 1.5%.

Melbourne was the hardest hit in the first six months of the year, where values sank by 8% and units fell by 5.4%. This trend is expected to continue by 50% of Victorian members, with only 14% saying they will rise across the state.? 43% of members expect apartment/strata prices to be flat, while 57% said they would also trend downwards in the coming six months.

Brisbane saw house and unit price declines of 6.8% and 3.9% respectively, and this trend is expected to stabilise.

Half of Queensland?s members say house prices will be static across the state. Just 20% expect further price falls.

However, with apartment/strata and land prices, a greater share of Queensland members expect the market to remain static (64%) whereas 24% said they would trend downwards, in the second half of the year.

Sydney house prices fell 4.6%, but units increased by 1.8%.? Our member survey indicates New South Wales house prices will stabilise, with 63% of members saying house, apartment/strata and land prices will be flat, and 18% optimistically predicting house prices will trend upwards.

Only 5% say land prices will trend upwards and a third said both apartment and land prices would trend downwards.

All South Australia members said house and apartment/strata prices in the state would be static in the coming six months.? Land values would remain flat according to 75% of South Australia members, but the balance said they would trend downwards.

In the Northern Territory, Alice Springs house prices are expected to trend upwards, as a result of the strong resources sector in the state, while unit prices will trend down and land prices will be flat for the remainder of 2012.

Tasmanian members unanimously expect house, apartment/strata and land prices to fall.

In Western Australia nearly two thirds of members said house prices would trend upwards, the balance expect them to be static.? A similar majority said apartment/strata/land prices would be flat for the remainder of 2012. Only 14% said they would rise, a third expect price falls.

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Source: http://firstnationalnews.com/2012/07/24/first-national-reveals-expectations-for-property-prices/

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