25th May 2021
Latest property industry research revealed
Property information provider The Search People and the Australia Property Institute have today announced the launch of a new report detailing the latest research findings into the Australia property market.
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The Future of the Australian Property Valuation Industry report findings are now available and can be accessed here for free.
The extensive report explores the expert views and sentiment of over 590 Australian property professionals, delving into how the profession is responding to the ‘new normal’ and what future challenges and opportunities lay ahead for the industry and the Australian property market at large.
Chief Executive Officer of The Search People, Rafe Berding said that the report’s findings were exhaustive and showed 63% of respondents expect property values across Sydney, Melbourne, Brisbane, Adelaide, and Perth to rise over the next 6 months despite serious affordability and sustainability concerns.
“The majority of property valuers surveyed predict a continued positive growth story for property values in the short to medium term,” Mr Berding said.
“Whilst most respondents believe a continued boom is set for the Australia property sector, 59% of respondents also believe that Australia is currently witnessing the makings of a property bubble.”
“57% of valuation experts surveyed join a growing caucus of Australians that believe the great Australian dream of owning residential property is now unaffordable to the average Australian.”
“A combination of record low interest rates and buyer’s uncertainty of investing in other alternatives is fueling high-demand. This coupled with low supply is driving a ‘fear of missing out’ for many buyers.”
“As a result, properties are being snapped up significantly above the asking price within moments of being listed”.
“Over half (55%) of respondents further believe that Australians were now overcapitalising when it comes to purchasing property.”
CEO of the Australian Property Institute Amelia Hodge said the Australian property market was firing on all cylinders, with property values high and API property professional members starting to experience capacity constraints as a result.
“With record low interest rates, we’re seeing more and more buyers entering the market,” Ms Hodge said. “This is great news for Australians selling property, especially with values on the rise in most sectors and selling times decreasing across most capital cities.”
“For property investors and buyers, we would recommend ensuring you have your budget, finance and valuation research in order as early as possible to ensure you can decisively move on opportunities with confidence and speed. This should always be underpinned by an independent valuation undertaken by an appropriately qualified property professional.”
To access your FREE copy of The Future of the Australian Property Valuation Industry report, please head to thesearchpeople.com.au/2021-valuation-industry-report.
The information in this publication is intended for general and/ or product information purposes only. It does not serve as specific advice to any particular person or organisation and should not be relied upon as such. Any information contained is general in nature and does not take into account any person's or organisation’s situation, circumstances or individual needs. Before acting on anything held within you should consider professional advice and the information’s appropriateness to you, having regard to your objectives and needs.