PROPERTY REPORT

POM’S MOST DESIRABLE SUBURBS

The most popular suburbs for people to buy houses in

Port Moresby include

Waigani, Boroko and

Gerehu within the capital, as well as the satellite suburb of 8 Mile.

The popularity of these suburbs is fairly similar for renters, according to the recently released 2020 Real Estate Survey by Hausples.com.pg.

The survey report notes that outof-town, or satellite, suburbs are increasing in popularity, probably because of cheaper land prices.

“Needless to say, these areas are now serviced by better road systems, mobile communications and local shopping centres and, over time, may become integrated suburbs of Port Moresby as the city continues to expand,” the report says.

It seems most people in Port Moresby believe that housing in the capital city is unaffordable.

Of 2000 people questioned for the survey, 54% said they thought the property market was ‘very unaffordable’ and 27% said it was ‘moderately unaffordable’.

However, Tom Snelling, the general manager of Hausples, says most people believe now is a good time to buy and to get on to the property ladder.

“Property is perceived to be a good investment and most people believe that the market generally keeps going up,” he says.

In this year’s survey, 19% considered the property market to be ‘affordable’, a notable improvement from last year’s 12%.

“The confidence in the market may be due to more affordable housing projects, which are set to complete in 2020 and beyond,” the report says.

“Similarly, planned developments will soon kick off for the Kennedy, Iagamaga and North Lakes estates, as well as rumours of a major development in 7 Mile within the next couple of years.”

Most real estate agencies consider a 400,000 kina property or less to be affordable.