INVESTOR SURVEY HOLDS LITTLE PROMISE FOR NSW

INVESTOR SURVEY HOLDS LITTLE PROMISE FOR NSW Thursday, March 29, 2007: The Property Investors Association of Australia PIAA says inflated prices and a lack of quality stock have contributed to the findings in the latest Ashe Morgan Winthrop Survey.

PIAA president John Moore says the survey of Australia’s leading property professionals reveals the Western Australian property boom is coming to an end.

“Experts claim inflated prices and a lack of quality stock have forced buyers to look nationally for capital growth hot spots,” Mr Moore said. The survey of Australia’s leading property professionals revealed Queensland is the preferred national destination for property investment with New South Wales the least favourable investment location. “Investors believe the resources boom that has been the driving force behind Western Australia’s property market growth is nearing an end,” Mr Moore said. “On the other hand Queensland’s resources and tourism industries are continuing to thrive, and will be the main attraction for property investors looking for high capital growth.”

“Affordability still remains a big issue in New South Wales and the same now can be said for Western Australia which many experts believe has reached the peak of its cycle.” Mr Moore said business sentiments and employment prospects in New South Wales are strong with migration to other states creating a labour shortage and fuelling wage growth.

“It is interesting that the survey showed residential is the preferred investment when business confidence is strong and points to continued commercial growth and increasing yields,“ Mr Moore said.

The report can be downloaded here: http://www.amw.com.au/AMWPIS22.pdf

For further information:

John Moore, Property Investors Association of Australia on 02 9499 9499, 0416151869 or visit http http://www.piaa.asn.au.