Buy­ers are re­search savvy

The Courier-Mail - Property - - Marketoutlook - REIQ chair­man Pamela Bennett

ASK any real es­tate pro­fes­sional and the ma­jor­ity will agree that buy­ers are more ed­u­cated, and un­der­take more re­search dur­ing their buy­ing quest, than ever be­fore.

It is al­ways im­per­a­tive that buy­ers do their re­search, but even more so in the cur­rent eco­nomic cli­mate given the tighter lend­ing cri­te­ria cur­rently in place.

Hav­ing an un­der­stand­ing of your bor­row­ing power be­fore sign­ing a con­tract of sale ensures both par­ties can pro­ceed with con­fi­dence.

In­deed, REIQ re­search has found buy­ers are tak­ing their time dur­ing their prop­erty search and also in­spect­ing more prop­er­ties.

And these re­sults, from re­search con­ducted late last year, are likely to be even more pro­nounced given the presently sub­dued mar­ket con­di­tions.

The re­search found on av­er­age, buy­ers take about 11 weeks to find the res­i­den­tial prop­erty of their choice. Across Queens­land, 23 per cent of buy­ers take less than one month; 20 per cent of buy­ers be­tween one and two months; while 33 per cent say their search ex­tended be­yond four months - that’s a lot of Satur­days.

And typ­i­cally the longer the search pe­riod for a prop­erty, the higher the value of the prop­erty be­ing sought.

Over the past decade, tech­nol­ogy has in­ter­min­gled with our busi­ness and per­sonal lives like never be­fore.

Buy­ers of all kinds now of­ten head on­line dur­ing their search and nowhere has this been more ob­vi­ous than in their per­pet­ual search for real es­tate.

Across the state, the REIQ re­search found that 40 per cent of buy­ers phys­i­cally in­spect five or less prop­er­ties dur­ing their search, which is pos­si­bly a re­flec­tion of the amount of in­for­ma­tion that is now avail­able about listings prior to in­spec­tions or at­tend­ing open homes.

The av­er­age num­ber of prop­er­ties phys­i­cally in­spected be­fore pur­chase was about nine, but most com­monly buy­ers are in­spect­ing be­tween six and 10 (28 per cent) or be­tween two and five (23 per cent). Seven­teen per cent of buy­ers are in­spect­ing more than 20 prop­er­ties.

But one thing that hasn’t changed over the years is the im­por­tance to buy­ers of see­ing the price and ad­dress of a prop­erty shown in an ad for a pri­vate treaty sale.

In the re­search, 96 per cent of buy­ers say that see­ing a pur­chase price in an ad is im­por­tant; while 94 per cent say that see­ing the prop­erty ad­dress is im­por­tant. These are con­sis­tent with the find­ings of sim­i­lar REIQ re­search in 2003.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.