The Weekend Post - Real Estate
Papers are local heroes
LOCALS are confident that the property market is performing strongly and will continue to improve, with a significant increase in the number of people looking to buy and sell a home, according to new research.
The Know the Locals Survey polled more than 1200 readers of local newspapers across the country on their attitude to property prices and the market.
It shows renewed confidence after several years of pessimism and the importance of their local paper in keeping them up to date on the market.
More than half of those surveyed (53 per cent) say they are expecting property prices to rise between now and Christmas, compared to only 39 per cent this time last year.
In the next six months, 24 per cent of buyers are looking to buy compared to only 14 per cent for the same time last year, while 29 per cent of sellers are looking to sell in the next six months.
The survey shows that sellers exceed buyers by only 8 per cent this year compared to 13 per cent for the same time last year. It underscores the enthusiasm from first timers, showing that 38 per cent of those surveyed are looking to buy their first home, while 32 per cent of those surveyed are upgrading or upsizing.
Much of the confidence stems from low interest rates. The survey shows 95 per cent are confident that they know what rates will do, with the overwhelming majority expecting rates to stay the same or drop further.
The lower interest rates, improved rental returns and better prices are also ensuring investors are more confident about holding property, with fewer in the market trying to sell.
The survey reveals that 63 per cent of buyers and 59 per cent of sellers read the property section in their local paper, which is a significant traffic driver to open for inspections.
The report shows nearly a third of buyers and sellers attend an open for inspection after reading their local real estate section.
More than 70 per cent say that seeing a property in the paper makes them want to look online for more information.
A whopping 89 per cent report that they like to read their property section even when not actually looking for a property, while 77 per cent say that their real estate section helps them learn about agents in the area.
The reason local newspapers are well read is because of the popularity of content including recent sales and local price data (liked by 72 per cent of participants), new property listings (68 per cent) and local news that helps readers make a better local buying decision (70 per cent).