2013 bleak for Tasmania

2013 bleak for Tasmania

02 January 2013 by Lucy Allman 0 comments

Staff Reporter

On a national level the property market has already bottomed, but according to the First National Real Estate 2013 Property Market Outlook, Tasmania will continue to decline into 2013.

One hundred per cent of the 400-plus members surveyed for the report believed Tasmania has not yet bottomed.

According to recent Australian Bureau of Statistics (ABS) data, Tasmania experienced the lowest growth rate of 0.5 per cent for 2011/2012.

While the rest of Australia will see gradual growth in the first six months of 2013, Tasmania and South Australia are the only two places where most members expect their real estate businesses to continue operating at the same level as they are currently, the 2013 Property Market Outlook stated.

A quarter of members in Tasmania expect their businesses to decline.

In addition, the report cited reduced demand resulting in easing vacancy rates, which has impacted upon weekly rental prices. The Outlook showed 100 per cent of members expect the weekly rentals to decline in the first half of 2013.

The good news for Tasmania is that this trend is expected to reverse toward the middle of 2013.

“Almost three-quarters of our members say the market has bottomed or will do so in the coming six months,” said Mr Ray Ellis, CEO of First National Real Estate.

Staff Reporter

On a national level the property market has already bottomed, but according to the First National Real Estate 2013 Property Market Outlook, Tasmania will continue to decline into 2013.

One hundred per cent of the 400-plus members surveyed for the report believed Tasmania has not yet bottomed.

According to recent Australian Bureau of Statistics (ABS) data, Tasmania experienced the lowest growth rate of 0.5 per cent for 2011/2012.

While the rest of Australia will see gradual growth in the first six months of 2013, Tasmania and South Australia are the only two places where most members expect their real estate businesses to continue operating at the same level as they are currently, the 2013 Property Market Outlook stated.

A quarter of members in Tasmania expect their businesses to decline.

In addition, the report cited reduced demand resulting in easing vacancy rates, which has impacted upon weekly rental prices. The Outlook showed 100 per cent of members expect the weekly rentals to decline in the first half of 2013.

The good news for Tasmania is that this trend is expected to reverse toward the middle of 2013.

“Almost three-quarters of our members say the market has bottomed or will do so in the coming six months,” said Mr Ray Ellis, CEO of First National Real Estate.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

In this episode of Secrets of the Top 100 Agents, host Tim Neary is joined again by William Phillips to discuss the real estate database and...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?