Learn more about the current buying and selling process in Australia with InfoTrack’s 2024 State of Real Estate Report, revealing key insights and challenges.
Buying or selling a property is one of the most significant decisions Australians will make in their lifetimes. With the real estate landscape constantly evolving, navigating the current market can be challenging for both buyers and sellers. To gain a comprehensive understanding of this experience, InfoTrack, in collaboration with InfoTrackGO and Securexchange, conducted the nation’s largest property research survey from April 28 to June 9, 2024.
Reaching over 130,000 individuals who participated in property transactions between May 1, 2023, and April 30, 2024, the 2024 State of Real Estate Report: Insights from Australian Buyers and Sellers offers a detailed analysis of the survey findings. This report highlights key trends, decisions, challenges, and positive experiences encountered by consumers.
Key findings of the report
Varying satisfaction levels
According to the report, 75% of respondents reported that they bought or sold their property for their expected price. While this statistic indicates a high level of satisfaction among a majority of participants, it also highlights that a significant portion (25%) of buyers and sellers who experienced less-than-optimal satisfaction. This discrepancy underscores the need for improvements in the buying and selling process, as consumer expectations are not always being met, and there is a clear demand for better service.
Challenges with Real Estate Agents
One of the notable findings of the survey is that a third of respondents encountered challenges with their real estate agent. Among all parties involved in a property transaction, real estate agents were identified as the most challenging. Following closely behind were lenders or financial institutions and the other party in the transaction (the buyer or seller).
The impact of interest rates on decision-making
Another intriguing insight from the report is the influence of interest rates on property transactions. While 38% of respondents stated that interest rates did not significantly impact their decision to buy or sell property, this means a notable 62% cited interest rates as a major factor influencing their decision-making process. This divergence highlights the varying degrees of sensitivity to financial conditions among property buyers and sellers.
How did lawyers and conveyancers fare?
The report revealed that 62% of survey respondents rated their experience with their lawyer or conveyancer as excellent, with an additional 24% rating their experience as above average.
However, there is still room for growth, with more than a third of respondents (34%) identifying some key areas for improvement. The top three include:
- Communication (33%),
- Support to understand the legal implications relating to the sale or purchase (21%), and
- A clear walk-through of the expected process (19%).
The findings from the 2024 State of Real Estate Report provide valuable insights into the current property market in Australia. While a majority of buyers and sellers achieve their expected price, there is a need for enhanced service to meet consumer expectations fully. Understanding these trends and areas for improvement can help lawyers and conveyancers who are involved in the property transaction process, better cater to the needs of buyers and sellers, ultimately enhancing the overall experience.
Learn more about this report by joining me at ALTACON on Wednesday the 11th of September at 9.10am where I will be presenting the key findings from the 2024 State of Real Estate Report: Insights from Australian Buyers and Sellers in the main auditorium.
