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Buyer Profiles
First Home Buyers
In the current market, affordability is a consideration for first home buyers but it is certainly not the only one. With many first time purchasers being older and more established than in the past, a significant portion also seek a stepping stone property or room to grow. They value the opportunity to add their own touches and equity through home improvements and, as a result, can be very competitive buyers when the right property enters the market.
Investors
Picking properties and localities with potential for long-term growth or high tenant demand are the cornerstones of investing. Proximity to infrastructure such as public transport, universities, hospitals, work hubs etc, is often important as it adds to tenant demand and, therefore, potential rent returns. More recently, capital growth rather than immediate returns have been driving investment which has opened up the market for the sale of properties not traditionally regarded as attracting investors.
Downsizing
There are a multitude of reasons why purchasers look to downsize, but one thing they nearly all share is a desire to “downsize but not downgrade” - both in their property and their quality of life. This buyer segment most often looks to purchase a smaller property but one which still offers a similar good condition, room for visitors, low-maintenance living, quality fixtures, and modern conveniences. They are increasing in numbers and, therefore, in competition for suitable properties.
Students
Requiring proximity to their campus or to direct transport links, students are also seeking lifestyle amenities such as cafes, nightlife, shops and other like-minded students when they are looking for property. Affordability is most often the main consideration, but frequently we see students settle on a property which stretches their budgets but provides access to the lifestyle and neighbourhood which most appeals to them.
Families
As a large demographic, families make up a significant portion of today’s buyer market. The key criteria they seek are a size which suits their needs, family-appropriate floorplans, comfortable living, smart storage solutions, and a location close to their preferred schools, shops, friends and other families. Single, unattached dwellings on a good size lot are usually highly sought after, however, there is an ever-increasing trend of families seeking medium and high density housing.
Large Families
Large families usually have a precise requirements and considerations when they are looking for property to purchase. So, when they find the home which suits their needs, they are keen and confident purchasers. High on their lists is a sense of spaciousness, multiple living arrangements, numerous bedrooms and bathrooms. Multi-generational families are a segment of this market which values floor plans that combine space with privacy - such as separate granny flats, dual entry properties, and flexible layouts.
Retirees
A growing proportion of the population, retirees have specific, well-defined needs from their property. They are often on the lookout for smaller, low-maintenance, single level living with security and convenience as key requirements. With a view to their future, they usually prefer lower ongoing costs, nearby shops, transport, hospitals etc. while staying in or moving to neighbourhoods near their existing ties.
