Australia’s Property Market: Challenges for Families and Opportunities for Professionals
Times Viewed: 8
Australia’s property market has been challenging for many, especially families with children looking to purchase homes, as detailed in a new survey reported by Orana Durney-Benson. The study, conducted by InfoTrack, surveyed 130,000 Australians and found significant hurdles due to supply shortages and high property prices.
Lee Bailie, InfoTrack’s head of property in Australia, shared insights from the survey, stating, “Around 14 per cent of respondents named finding a property a top challenge, but the number one area of concern impacting 21 per cent of buyers was property prices.” Bailie further noted the demographic most affected, explaining, “Family households with children were the most likely to be impacted by the ability to afford a property.”
The survey also highlighted a worrying trend of buyers foregoing crucial property checks in the haste to secure housing. Bailie revealed, “In the rush to snap up available homes, more buyers seem to be compromising on important property checks in favour of putting in a speedy offer. Not even half of all respondents (46 per cent) had a pest inspection carried out.”
Despite these challenges, one group has found a silver lining. “Buyer’s agents are the ones to benefit – 30 per cent of respondents enlisted their help to find those elusive houses and units,” Bailie commented, highlighting a sector that has thrived amid the turbulent market conditions.
On the flip side, the performance of real estate agents has been less stellar, with a significant portion of participants expressing dissatisfaction. “Almost a third (30 per cent) of respondents stated they experienced difficulties with their real estate agent, with communication identified as the top area for improvement,” detailed Bailie. This reflects a broader sentiment where less than half of the respondents (47 per cent) rated their experience with real estate agents as “excellent”.
Interestingly, while the focus often falls on interest rates, they were not the primary concern for most buyers. “High interest rates did not impact buyers and sellers as severely as expected, with just six in 10 respondents citing interest rates as a major factor in their decision-making process,” Bailie stated.
This survey provides a clear picture of the current struggles and few successes within Australia’s property market, illustrating a landscape where families find themselves disadvantaged and professionals like buyer’s agents see an increase in demand. The findings suggest a need for a more balanced approach to support potential homeowners, especially those with families, and call for an improvement in the real estate services industry.
References:
Recommend0 recommendationsPublished in Property News
Responses