Investors could be running out of time to find a bargain, with Australian Property Monitors (APM) predicting the property market will pick up in 2012. Despite softer conditions in 2011, senior economist Andrew Wilson says the company’s quarterly House Price Report indicates better times are ahead.

“Early signs are emerging of increased first homebuyer and investor activity in most markets, albeit from a low base, that will help to encourage market activity and confidence,” Wilson says.

APM predicts Brisbane will be one of the first cities to gather momentum. Brisbane median house prices have fallen by 1.3 per cent in the June quarter and 4.9 per cent over the past 12 months. However APM says it’s unlikely there will be further drops and “buyer activity in Brisbane should increase as the reconstruction effort gathers pace, with prices starting to stabilise into 2012.”

Sydney and Melbourne also showed slightly better results over the last quarter. Prices in Sydney increased by 0.1 per cent, after falling 0.5 per cent in the previous quarter.

“In the June quarter, diverse local conditions had a more significant impact on median prices in each city, with these individual factors expected to have continued variable effects on growth in each market,” Wilson says.

“This is in contrast to the effect of national market conditions that have impacted prices across the board until recently. The prospect remains, however, of increased buyer activity emerging through the spring selling season.”

Source: API Magazine

The NSW Housing Construction Acceleration Plan (HCAP) due to expire on 31st December 2009 has been extended until 30th June 2010.

The stamp duty concession is only available for customers entering into a contract for the purchase of a new home between Wednesday 1 July 2009 and Wednesday 30th June 2010. The concession reduces the Transfer Stamp Duty payable by 50% for transactions up to $600,000 for both new owner occupier and investment properties. The concession is not limited to one transaction.

Note: First home owners cannot claim the concession.

A new home is classified as one that has not previously been occupied or sold as a place of residence. The home must be complete and ready for occupation unless it is an off the plan purchase.

In a nutshell, if you are buying a new property for home or investment under $600,000, you can receive 50% off the stamp duty.

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