REINSW President's outlook 2nd quarter 2009Tuesday, April 07, 2009 A strong residential market and the best buying conditions for commercial property are two themes of the REINSW President Steve Martin’s Outlook for the second quarter of 2009. “Early signs in 2009 of a strong return to the residential market by buyers will definitely continue as we head towards the end of the financial year,” said REINSW President Steve Martin. “The Federal Government’s stimulus package combined with the lowest interest rates since the sixties have re-energised the market. “I anticipate that we will see even higher levels of buying activity in the second quarter of 2009 as more and more first home buyers take advantage of the increased benefits on offer. “As well, we are seeing investors return to the residential tenancy market which is having a twofold effect: 1. Providing more rental accommodation; and 2. Creating additional buyer demand. “The second quarter of 2009 is promising to be a good one for commercial property, with lower interest rates and good buying conditions likely to attract investors back into the market. “Overseas investors are also likely to see opportunities in the market due to the favourable foreign exchange conditions as well as Australia’s stable political environment. “Of course investment in commercial property is not without risk and prospective buyers should assure themselves of the security of tenanted properties or the potential for vacant properties to be quickly let. “For owner-occupiers of commercial property, the second quarter may be the perfect time to stop paying rent and secure your own business premises. “Overall there are encouraging signs across the residential and commercial property sectors for the coming quarter and I am confident we will record increased activity as we head towards the end of the FY 2009,” said Mr Martin . - REI - NSW |
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