In a recent survey conducted by realestate.com.au, buyer sentiment has taken a downturn compared to sellers.
“Buyers are more concerned about current property market conditions than those looking to sell,” said Karen Dellow (pictured above), senior data analyst at REA Group.
According to the recent Residential Audience Pulse Survey conducted by realestate.com.au in April, fewer buyers are optimistic about home purchases compared to last year.
“The number of respondents saying now is a 'good time to buy' is down 1% to 35%,” Dellow said.
In contrast, sentiments among sellers have significantly improved.
“Those believing that now was a good time to sell jumped 24% on last year, at 41%,” Dellow said.
The survey identified interest rates as the primary driver of buyer apprehension, with 62% expressing concern.
“Mixed forecasts regarding interest rate trends are causing buyers to hesitate,” Dellow said.
High seller sentiment is fuelled by favourable price perceptions.
“Sellers perceive prices as being good, with one in four stating that prices are high,” Dellow said.
However, this perception exacerbates buyer reluctance due to increased costs.
Western Australia, particularly Perth, exhibits a notable decline in buyer confidence.
“Survey respondents believing now was a good time to buy dropped by 11% to 21% in April,” Dellow said.
Rising home values, coupled with limited inventory, add strain to buyer budgets in Perth.
A significant portion of buyers cite lifestyle changes as their primary motive for purchasing.
“A 41% increase was seen in buyers wanting to move to a different area,” Dellow said.
This trend, especially prevalent among older demographics, reflects a shift towards lifestyle-driven relocations.
To read the PropTrack insights in full, click here.
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