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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.
- For more information about the performance expected across the states and territories, read this summary.