Investors still keen to buy despite COVID-19: survey
Investors remain relatively upbeat despite the COVID-19 crisis, with nearly half of respondents to Australian Property Investor Magazine’s quarterly Buyer Sentiment Survey signalling they still intend to buy.
Around 45 per cent of respondents said they intended to purchase property amid the uncertainty of the pandemic, while at the same time 47 per cent said they expected property prices to decrease in the coming 12 months.
Just 19 per cent of respondents said they felt negative about the property market, with 44 per cent neutral and 37 per cent positive.
Specific concerns for the property market were largely even across the board, with 12 per cent of respondents saying their biggest worry was tenants’ ability to pay rent, while affordability, growth potential and global economic impacts were each the biggest concerns for 10 per cent of survey participants.
Other worries included stamp duty (9 per cent), finance availability (9 per cent) and land tax (8 per cent).
The API survey canvassed nearly 400 subscribers, with 57 per cent comprising investors, 35 per cent owner occupiers and 5 per cent renters.
Just over 75 per cent of the respondents were located in New South Wales, Queensland and Victoria.
Australian Property Investor Magazine editor Dan Wilkie said the survey showed many were standing firm in the property market despite the economic uncertainty wrought by the pandemic.
“Survey respondents appeared to shrug off any concern about falling house prices, which could be an indicator that many are keen to pick up a bargain in the coming months,” Mr Wilkie said.
“Only 11 per cent of respondents said they were looking to sell, which also shows that investors intend to ride out this crisis.”