Investors remain bullish on Australian market, survey finds

Most Australian buyers and investors are hopeful that they can still break into the market and want to continue with their buying plan, according to the latest Buyer Barometer COVID survey by the Real Estate Buyers Agents Association of Australia (REBAA) and Property Talk Australia. (PTA).

Of the 669 buyers and investors who took part in the national survey, 56% of buyers said that COVID had no influence on their buying strategy and that they have made a purchase or are still looking of a property to be purchased.

Additionally, approximately 40% of shoppers were undeterred by the pandemic and made a purchase in 2021, representing a 21% increase from the previous year.

“Despite the uncertainty, our survey highlights the resilience of the Australian property market and the optimism of the buyer community,” said REBAA Chair Cate Bakos.

Although 48% of buyers expressed fear of missing out (FOMO) in 2022, those who remain stubborn in their quest to buy a home were slightly higher at 52%.

Of those still looking for a home, 27% said closures and border restrictions were preventing them from making a purchase.

Additionally, 20% have been able to inspect a property and are still considering options, while 13% have inspected a property but have decided to put their plans on hold during the pandemic.

Meanwhile, buyers revealed their ownership decision was influenced by working conditions (40%) and 46% said their employer gave them this flexibility.

REBAA also highlighted the importance of property inspections, validated by survey results which showed that 50% of respondents would not buy a property without an on-site visit, 30% would only do it with the help of a qualified professional, and only 20% said yes to buying a property without seeing it.

Trends 2022

In 2022, the property market will be an investor’s market, with 49% looking to invest in a second property, up from 43% in 2021, the survey found.

According to the data, 38% of investors have their eye on Queensland, citing several reasons for the preference: 24% said they expected significant market growth, 14% indicated a desirable lifestyle and 13% mentioned affordability.

“It’s no surprise given that Brisbane was the second best performing property market in 2021,” Ms Bakos said.

The state of the sun beat New South Wales at 31%, followed by Victoria (18%), South Australia (6%), Western Australia (4%) and Tasmania, the Northern Territory and Canberra (3%).

Given that the survey found that buyer appetite is still on the rise, Ms Bakos predicted it was likely house prices this year could top 2021’s record highs.

Chris Dimitropoulos, spokesman for Property Talk Australia (PTA), agreed with Ms Bakos’ predictions and said he looked forward to what the market had in store for him this year.

“The main finding of this latest survey is that Australia’s love affair with property remains strong despite the continuing cloud around the pandemic,” he said.

RELATED TERMS

Goods

Property refers to something tangible or intangible over which an individual or business has legal rights or ownership, such as houses, cars, stocks, or bond certificates.

Investors remain bullish on Australian market, survey finds



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Last update: February 23, 2022

Posted: February 24, 2022