Home Buyers Get A Health Check

In its latest Consumer Insight Report realestate.com.au takes the pulse
of today’s prospective buyers. We’ve discovered they’re in better health than
a year ago, and diagnosed why.

The major reason for their rosier outlook is that buyers feel
more secure they’re not going to be knocked off-course by rising interest
rates and property prices.

Increasingly, buyers are confident the market has for the
moment peaked and mortgage rates have plateaued too – and the expectation
is that both will stabilise for a while.

With rising confidence that their budgets and ambitions are secure
from spiraling home prices and upward twistsin interest rates, home
buyers are not rushing into decisions. The proportion
taking six months or longerbefore purchasing has gone up 46 per cent.
The auction market has cooled too, with fewer people going to auctions
and more of those who do bidding below the reserve.

With the slowdown in demand has come a growing supply of homes for sale.

Renters buying on the increaseRenters now make up 25 per cent of all
prospective buyers, compared with 16 per cent last year, and in the $400,000
and under price band those wanting to get a first foot on the property ladder
now make up 64 per cent of prospective buyers.

The competitive edgeTo find out in detail how the ground’s moved under
buyers in the past year and how they’re reacting to these shifts in the market,
download the Report in full here. It’s the information that will give you,
our agent partners, a competitive edge in what is becoming a more nuanced
sales environment.

 

Source: realestate.com.au 

Title: The Buyer Insights Report

May 2017