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Property News

LJ Hooker 2012 Market Expectations

January 25, 2012

 

By L. Janusz Hooker, Chief Executive of LJ Hooker

 

The LJ Hooker business ended the year on a confident and positive note with property

sales across Australia and New Zealand increasing by 20 per cent in December 2011.

After a challenging 2011 for the industry it was good to see the number of property sales

lift at the end of the year.

 

The influence of the two consecutive rate cuts by the Reserve Bank of Australia at the end

of the year directly related to consumer activity in December. The rate cuts gave

prospective property buyers confidence to enter the market – many of whom had been

sitting back waiting and watching the market for many months in 2011.

 

December is always busy for real estate agents around the country. It is a key selling

period for the industry as people look to successfully complete negotiations before the end

of year. This was seen through LJ Hooker Parramatta who held their Big Event auction in

the week leading up to Christmas with 14 properties worth more than $5 million

successfully being sold.

 

This activity was also reinforced by the number of home loans written by LJ Hooker

Finance for the year, an increase of 14 per cent – especially in New South Wales as first

home buyers locked in purchases ahead of the Government’s changes to stamp duty

concessions.

 

2012 begins with momentum and confidence in the market. It also presents outstanding

buying opportunities for Australian families and investors as we predict more investors will

come back to the market as rental returns continue to strengthen.

 

Home owners will start the year feeling the benefits from the recent 25 basis point cut to

interest rates and we see this and potential future cuts attracting buyers who wish to take

advantage of currently well-priced property.

 

We predict Bowen, Queensland, Newcastle, New South Wales and Perth, West Australia

will be the places to watch for 2012 with lots of activity around key regional towns and

cities influenced by the continued mining boom.

 

Consumer confidence will continue to be key in 2012.

 

Media contact:

Simone Bergholcs

LJ Hooker Corporate

Tel: (02) 8303 7034

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