The results are part of the first ever national survey asking Australians about their experience buying and selling property.
The 2024 State of Real Estate Report from legal-tech firm InfoTrack shows Australians were full of praise for the legal profession, with 62% of survey respondents rating their experience with their lawyer or conveyancer as excellent, and a further 24% as above average.
InfoTrack’s Head of Property Australia, Lee Bailie said there was still room for improvement, with the survey offering key insights from the consumer perspective.
“More than a third of respondents (34%) identified key areas of improvement, naming communication (33%), greater support to understand the legal implications relating to the sale or purchase (21%), and a clear walk through of the expected process (19%) as the top three.
“A further 15% would like to see more explanation of any risks, restrictions and planning relating to a property, and 12% wanted adjustments to service fees,” Mr Bailie said.
Knowledge was a common theme for experience improvements across all key parties, including real estate agents, mortgage lenders and financial institutions, and building and pest inspectors.
Mr Bailie said lawyers received the most positive feedback of all professions in the transaction process.
“Around 30% of respondents experienced difficulties with their real estate agent while more than a quarter of respondents (27%) rated their experience with a mortgage lender or financial institution between poor and average,” he said.
Lawyers and conveyancers may be interested to hear nearly three-quarters of Australians (71%) who bought and sold property in the last year encountered challenges, with property prices, market conditions, and finding a property the most difficult.
“More than one in 10 respondents (14%) named finding a property a top challenge, but the number one area of concern impacting 21% of buyers was property prices,” Mr 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%) were concerned by interest rates.”
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.
