Nearly three-quarters of all Australians who bought and sold property in the last year encountered challenges, with property prices, market conditions, and finding a property.
That’s according to the results of the first ever national survey asking Australians about their experience buying and selling property.
The 2024 State of Real Estate Report from prop tech firm InfoTrack shows Australia’s housing shortage is impacting buyers, with more than one in 10 admitting they struggled to find a property.
“Around 14 per cent (%) of respondents named finding a property a top challenge, but the number one area of concern impacting 21% of buyers was property prices,” InfoTrack’s Head of Property Australia, Lee Bailie said.
“Family households with children were the most likely to be impacted by the ability to afford a property. Interestingly, only two-thirds of respondents (62%) cited interest rates as a major factor influencing their decision-making process, and only 40% of first home buyers said they were negatively affected by rates.”
Mr Bailie said it was interesting to see how the property shortage is impacting buyer decisions.
“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%) had a pest inspection carried out, for example,” he said.
“Buyer’s agents are the ones to benefit – 30% of respondents enlisted their help to find those elusive houses and units.”
The survey also found Australians overwhelming prefer to buy and sell houses (62%) in suburban areas (74%) and couples aged 30-49 were identified as the main purchasing demographic among survey respondents.
While 47% of respondents rated their experience with a real estate agent as excellent, almost a third (30%) experienced difficulties with their agent, naming communication and transparency the key areas for improvement.
Lawyers, however, received a good rap, with 86% of survey respondents rating their experience with their solicitor or conveyancer as excellent or above average.
