The great Australian dream of home ownership is alive but evolving, with buyers “slowing down and undertaking more research as they weigh up their options for the right property,” according to Jonathan Swift, REA Group Executive General Manager, Consumer Product.
This insight comes from REA Group’s comprehensive 2024 Property Seeker Survey, which reveals buyers are now spending an additional 10 weeks on their property purchase journey compared to last year.
In a survey of over 13,400 respondents, the data showed the average property purchase now takes 44 weeks, up from 34 weeks in 2023.
This increase is primarily driven by extended time frames in the early stages, with buyers spending 15 weeks monitoring the market (up from 10) and 12 weeks searching for suitable properties (up from 7).
Notably, the time spent on inspections, offers, and settlement remains relatively stable, suggesting buyers are more thorough in their initial research phase.
“Consumers are increasingly seeking more information and have clear criteria for their search, yet only 22% of listings include more than five property features,” said Jonathan.
He notes that buyers are specifically looking for details such as property sale history, public transport options, and construction dates.
The survey provides guidance on essential listing elements for agents looking to capitalise on these changes.
While price remains the most important listing feature, the data reveals a comprehensive hierarchy of buyer priorities.
The top three property features buyers seek are bedroom count, garage space, and natural light, followed by bathroom numbers and ensuite availability.
Different buyer segments also show distinct information needs that agents can target.
First-home buyers prioritise public transport access and mapping information, while upsizers appear to be focusing more on specific property characteristics, including construction year, building reports, school zones, and property metrics.
This segmentation offers agents the opportunity to tailor their listing content for specific buyer demographics.
For agents concerned about their online presence, the survey provides valuable insights into seller preferences.
With 50% of first-time sellers searching for agents online, Jonathon emphasises that “potential sellers are seeking authentic, local experts, and ensuring an agent profile is up to date helps set our customers up for success.”
The top five selection criteria are dominated by demonstrable expertise: local market knowledge, individual and agency sales track record, current listings, and client references.
REA Group is responding to these trends with its Next Generation listings initiative, first launched in September 2024.
“Our next generation listings offer a great platform to highlight the information consumers are seeking and support customers to move properties faster,” said Jonathan.
The platform enhancement includes more prominent agent branding, larger dynamic hero images, and AI-enhanced image viewing capabilities.
This initial release marks the beginning of a two-year rollout aimed at creating more engaging property listings.
Practical Implications for Agents:
- Focus on comprehensive early-stage information to engage buyers during their extended research phase
- Ensure listings include detailed property features, particularly the top 10 buyer priorities
- Tailor listing information to specific buyer segments (first-home buyers vs upsizers)
- Maintain strong online profiles highlighting local expertise and sales track record
- Leverage new REA platform features to enhance listing presentation and engagement
FAQ for Real Estate Agents:
Q: Breakdown of the longer buyer journey?
The increase is mainly in early stages:
- Market monitoring: Up from 10 to 15 weeks
- Property searching: Up from 7 to 12 weeks
- Inspection/offer/settlement times remain stable
Q: What’s causing the longer buyer journey?
The extended buyer journey likely reflects a mix of market conditions, heightened buyer caution, and shifts in how people approach significant purchases like property.
Given interest rate uncertainty, economic uncertainty and property prices, buyers are likely to be more meticulous, taking extra time to weigh their options and secure the best possible deal.
Alsoly, with so much information available online, buyers have greater access to data for comparison and are likely spending more time analysing options before committing
Q: What features do buyers want to see
Top 10 property features buyers want to see (in order)
- Number of bedrooms
- Garage space
- Natural light
- Number of bathrooms
- Ensuite
- Solar energy/water
- Outdoor entertaining area
- Quality of finishes
- Walk-in wardrobe
- View/outlook
Q: What makes buyers choose an agent?
According to REAs data, the top 5 selection criteria are:
- Local market expertise
- Number of properties personally sold
- Agency’s total sales
- Current listing portfolio
- Client references
Q: How do different buyer segments vary in their needs?
Key differences:
- First-home buyers: Focus on public transport access and maps
- Upsizers: Prioritise property characteristics, building reports, school zones, and buyer interest levels
Q: What’s changing with REA’s platform?
Next Generation listings include:
- More prominent agent branding
- Larger dynamic hero images
- Tour the Property feature
- AI-enhanced image viewer
- Higher resolution photography (Full rollout over approximately 2 years)
Q: What’s the minimum information I should include in listings?
Essential listing elements (in order of importance):
- Price
- Address
- Property Features
- Suburb profile
- Map
- Property Summary
- Photos
- Floorplans
- Land size
- Size of property
