Buyers are back in the market and property searches have surpassed pre-Covid numbers.
A quarter of respondents are looking to buy property as an investment: Deals and discounts during the festive season have attracted investments into the market. More than 1/3rd of the buyers will only buy if there is a discount available.
Buying for investment pattern
Wave 1 April: 19%
Wave 2 July: 13%
Wave 3 October: 25%
Buyers responding to festive discounts: Interest rates are down and stamp duties have been slashed. Developers have introduced innovative marketing techniques and discounting plans to sell inventory.
Types of deals and discounts on offer
· Cash deals and discounts
· Freebies and accessories
· Innovative schemes
· Waiver on duty components
· Deferred payment plans
Most don’t expect further fall in prices: There is growing maturity in terms of price expectations. However, discounts can be a buying trigger.
Price perception
· 43% feel prices will decrease
· 21% say there will be no change in price
· 14% think prices will increase
· 22% can’t say
Tech playing larger role in real estate market: The desire for increased inclusion of technology has been constantly increasing over the last 6 months.
Digital marketing and engagement tools
· Online documentation
· Virtual tours
· Personalised ads
· Online portals
Healthy recovery very likely in 2021: Price stability, cheaper home loans, pent up demand and improving economic indicators likely to trigger demand.