The network surveyed its offices using Utopia and asked members attending National Convention to complete a questionnaire about their local marketplace conditions. We found that almost all participating members remain optimistic, saying there remain plenty of opportunities for buyers and sellers, but cautious that banks need to adopt a responsible approach to future interest rates. On average, First National Real Estate members expect property prices to continue slowly rising for the remainder of 2010 as ongoing supply shortages keep the pressure on, driving prices upwards, as outlined in First National Real Estate’s 2010 Mid Year Update released this week. According to First National CEO, Ray Ellis, the market has become very erratic given the current market conditions and volatile European economies, but says the increasing supply versus demand issue will continue to dog the industry. “As long as demand outstrips supply, the market will remain competitive and thereby force prices up,” Mr Ellis said. “While interest rates may impact on affordability if they continue to rise, and nervousness about the European economies may adversely impact upon consumer confidence, the reality is there are more buyers out there than available stock and that produces a competitive market.” Mr Ellis said First National’s members across Australia agree, although points out that each region still has their own unique set of concerns they need to address and each month brings more change to the market.