Emerging Buyer Behaviour Trends With Price-Filtered Searches
Given the restrictions in place due to the pandemic, it is evident that now, more than ever, Aussies are taking an increased care in where they’re putting their money. With limitations on where we can spend our money, spending behaviours on hold and interest rates on the low, Australians are looking to put their money toward the property market instead.
Filtered searches on realestate.com.au have indicated a new trend in buyer behaviour, which include:
1. An increased proportion of searches in lower price points. Data on realestate.com.au showcase 33.7% of price-filtered searches nationally indicated a maximum price of $500,000 or less.
2. On the other end of the spectrum, there has been an increased search for properties over $1 million across Australia.
3. There is an increased volume of searches for properties over $1 million in capital cities in comparison to regional areas, with 21.2% and 10.6% search rates respectively.
4. There has been nearly a 2% shift in searches within regional areas towards properties over $1 million.
5. There have been fewer searches for properties over $1 million in Melbourne while regional Victoria demonstrates an increase of price-filtered searches for properties over $1 million.
6. There has also been an increased proportion of price-filtered searches for properties over $1 million in Sydney, while these proportions are far greater in regional NSW also.
These visible trends indicate that there is an emerging interest toward working from home as a permanent fixture, allowing for Aussies to move away from capital cities. While there are still twice as many capital city searches than regionals, there is almost a growth of double in regional searches as well.
In addition to this, the filtered-searches also indicate that it isn’t just the priced out market that are looking into moving towards regional areas, as is indicated by the increase volume of searches for properties in excess of $1 million.
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