Provinces to pick up in 2010 - real estate expert
Property prices in provincial and coastal areas will pick up in 2010, says the head of a national real estate company.
Prices will firm as rural export revenues improve, interest rates remain low and demand returns for holiday baches and sections, says Harcourts CEO Bryan Thomson.
"While compared to the dark days of 2008 there has been significant improvement in the residential real estate market in the main centres this year, in other locations and segments of the market things have continued to be challenging," Thomson said.
"In the major metropolitan centres there has been a marked increase in the volume of house sales and prices have been positively impacted in recent months by the imbalance between supply and demand, but overall sales numbers in most locations remain below historic averages.
"For example in provincial centres the market has not seen as much buoyancy as the big cities, partially because the rural economy has slowed and as a consequence of the financial environment, property investors appear to have been more cautious about provincial locations, while the volume of farm sales has dropped right off and demand for coastal property has been low too", said Thomson.
Posted: 22 Dec 2009
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