In the next 12 months, 254,000 New Zealanders intend to buy a property and 115,000 expect to sell a property. Compared to 2016, the number of buyers has decreased by 34%, and the number of sellers has decreased by 41%.
In today’s cooling real estate market, it is increasingly critical to understand where buyers and sellers are on their real estate journey, and to connect with them at the right time.
To connect with buyers and sellers, it is important to engage them with the right resources in the real estate market; from agents, to banks/financial institutions, and developers. Using the right communication tools will aid in both effectively reaching your target audience, while enhancing your brand in a cost-effective manner.
Websites continue to be the most popular mode of search, with four-in-five real estate researchers jumping online to try to find a property. Real estate office window displays, specialist real estate magazines and company real estate magazines are all equally important as the second highest source of information behind websites, with more than half using at least one of these resources.
Social media is increasingly becoming an avenue to call upon, with 18% now using Facebook to support their property search (up from 11% in 2016).
The traditional path to purchasing a house continues to change as buyers want the convenience of accessing property information anytime and anywhere. Half of all buyers now access real estate information from their mobile phone/device - up 15 percentage points compared to 2015. With this in mind, it is imperative that real estate service providers continue to innovate the touch points they use to connect with customers.
Buying a home for the first time is a big investment and a life-changing experience. It is a highly charged and emotional journey for first time buyers. Those service providers looking to sell to first time buyers should consider taking a different approach to ensure they are providing enough support to ease what can be a difficult and daunting process.
Compared to seasoned buyers, those new to the market tend to have a different research approach. Being in unfamiliar territory, first time buyers seem to rely more on friends and family for advice and recommendations than buyers in general. Leveraging referrals, potentially via social media, is definitely the way forward for real estate service providers to attract first time buyers.
If you would like to find out more about the New Zealand property cycle, where to locate and who are buyers and sellers, methods of buying and selling, what resources to use for your advertising, the role of mobile and the most popular real estate brands purchase Nielsen’s New Zealand Real Estate Report 2017.
An online survey was conducted between 8th – 17th August 2017. Quotas were applied for age, gender and location to ensure the sample is representative of the New Zealand population researching the property market. The total sample size is 1,204 property researchers with a margin of error +/- 2.9%.