Sydney Property Market Update 27/07/2019
Two weeks ago I sent out a survey requesting feedback from buyers on a range of subjects.
The results are in and as usual they make for interesting reading. I'll repeat the questions below with a summary of the responses in red.
1. Which property portal/s do you look at - ie. Domain, realestate.com.au, others or all of the above ?
Unsurprisingly both the major portals were very popular but the realestate.com.au phone app was the most common answer.
2. What time of the week are you more likely to search for a property?
A range of answers here from any time to specifically only late at night. We are a bunch of property junkies though with daily being the regular frequency of buyers searching.
3. What device/s do you prefer to search on?
The mobile phone dominated but the good old trusty laptop was mentioned quite a few times as well.
4. How do you prefer to communicate with an agent - text, email, phone, face to face?
A range of answers here with text and email most given but a few who prefer a chat on the phone.
5. Do you think property prices in the Inner West are going down, going up or flat at the moment?
Most respondents replied with flat, a couple felt prices were still dropping and no one said they were going up.
6. Has the federal election result influenced your decision to purchase or sell?
An overwhelming no from everyone on this question.
7. Have the two consecutive interest rate decreases influenced your decision to buy or sell?
Another 100% no response here too.
8. Pet hates about agents?
Price dominated here with a range of complaints from no price guide or an inaccurate guide on an Auction property, the inability to get the exact price an owner would accept during a negotiation, and inappropriate properties coming up from a price search on various websites. The main gripe about agents themselves was a lack of acceptable communication or poor communication that doesn't mirror the client’s needs (ie. ringing customers who enquired remotely about a property during business hours who can only communicate through text or email due to the nature of their job).
Thank you to everyone who replied. As always, we'll take on board all your feedback and try to improve our business further. Next week I'll have the July Auction clearance rates for you.
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