Survey reveals challenges in Australian property market
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A national survey has found nearly three-quarters of Australians who bought or sold property in the past year faced difficulties, with property prices the top concern.
The 2024 State of Real Estate Report, conducted by prop tech firm InfoTrack, provides insights into the experiences of homebuyers and sellers across the country.
Lee Bailie, InfoTrack’s Head of Property Australia, said property prices were the main issue for 21% of buyers.
“Family households with children were the most likely to be impacted by the ability to afford a property,” Bailie said.
The survey also highlighted the impact of Australia’s housing shortage, with 14% of respondents struggling to find a property.
Bailie noted this shortage is influencing buyer behaviour.
“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,” he said.
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Only 46% of respondents had a pest inspection carried out, while 30% enlisted the help of buyer’s agents.
The report found most Australians prefer to buy and sell houses (62%) in suburban areas (74%), with couples aged 30-49 identified as the main purchasing demographic.
While 47% of respondents rated their experience with real estate agents as excellent, nearly a third reported difficulties, particularly with communication and transparency.
Lawyers and conveyancers fared better, with 86% of respondents rating their experience as excellent or above average.
The survey revealed some regional variations:
In Queensland, 79% of respondents reported an above average to excellent experience, with 80% buying or selling at their expected price.
New South Wales saw 75% of respondents reporting an above average to excellent experience, though 26% didn’t achieve their expected price.
In Victoria, 75% had an above average to excellent experience, but 30% didn’t reach their expected price.
South Australian respondents reported the highest satisfaction, with 83% having an excellent or above average experience.
Western Australia stood out with lawyers and conveyancers being identified alongside other buyers or sellers as the most challenging stakeholders, contrasting with other states where real estate agents were the main challenge.
The full report provides more detailed insights into the state of Australia’s real estate market in 2024.