Savills Research have recently completed a global survey on real estate market sentiment. This was a survey to agents across a range of markets.
In a promising result for property markets globally, 78 per cent of respondents said that most or almost all of the buyers in the areas they cover are still looking for a new property.
Similarly, the majority of vendors across over 90 per cent of markets surveyed are still planning to sell their properties.
This sustained level of interest from both buyers and vendors bodes well for the resumption of transactions. However when it comes to price expectations, there is a disconnect.
78 per cent of respondents stated that buyers were expecting to see lower prices than before lockdown. We’re seeing this in local markets, with a number of opportunistic buyers seeking a bargain (which unfortunately for them, isn’t to be had just yet).
Conversely, 78 per cent of vendors are anticipating pricing to remain the same.
Notably Sydney survey results showed both buyers and sellers expected a price decrease, along with other urban markets such as Bangkok and Prague.
Urban centres such as Sydney reported increased interest in upsizing particularly as residents likely endured lockdown periods in smaller spaces, this is a trend we’re noticing locally in our market.