There was a ‘gentle’ pickup in the property market in June, with the accent on first home buyers rather than property investors, according to First National Group.

A monthly survey of its 70 national offices representing around 450 salespeople includes buyer enquiry indicators, listing level measures, and buying and selling trends.

“In the June survey, just over half of respondents reported at least one sector of the property market picking up in the past two months in their region, and not just in their own business,” said FN general manager, John Stewart.

The biggest pick up in activity was from first home buyers, reported by 14% of offices, and middle market home buyers, which were reported by another 14% of offices. Interest in upper-end residential property increased in 8% of First National’s areas and sections in 6%.

Eight percent reported an increase in investor activity in their regions.

However 92% said investor activity remained flat or had dropped off significantly in their area in the past two months.

“The return of first home buyers and those in the middle market in June were encouraging, although he noted average sales volumes were still relatively low across the country,” Mr Stewart said.

“There’s no doubt the low enquiry levels continue as the dominant trend across most markets and in most regions.

“What will change it? The commencement of the recently-announced tax cuts? Realisation that there are bargains to be had out there? Panicking vendors dropping and running? Maybe a realisation at last that floating or variable rate mortgages will be the best option into the future? Spring?

“Each and every one of those will be the stimulus for some people, one or several will motivate others.