TANYA SHINN looks at trends in the property market and shows why print and digital news media is the right address to find buyers.
Some 2.1 million Australians – 44 per cent prospective first-home buyers – say they are planning to purchase a property within 12 months.
Primary residences are the focus for 70 per cent of these buyers while 679,000 say they are seeking either a second home or holiday house.
News media is consumed by 93% of this group, according to emma. The number of buyers reached by news media has risen by 66,000 over the last 12 months even though the number of potential buyers has actually fallen by 20,000.
With average personal income of the typical reader 33 per cent higher than non-readers, news media provides marketers with the perfect opportunity to reach high-value prospects.
The housing market appears to be operating at two speeds. Some indicators show price growth slowing1, while others suggest an acceleration2. Yet, this uncertainty1,2 does not appear to dampen investor enthusiasm.
According to emma, almost half of those seeking an investment property in the next year will do so for the first time, and segment makes up 22 per cent of all buyers.
It appears financially-savvy Gen Y’ers (aged 18-34) are preparing to buy investment properties as their first purchase (276,000). Gen X’ers (35 to 50) are the most prolific group, accounting for 37 per cent of buyers.
While Gen Y’ers make up 29 per cent of the population, they account for more than one in three (36%) prospective buyers. Their impact on the market is not just aspirational as they have been one-third of all buyers in the past 12 months.
The Gen Y’ers who read news media are 14 per cent more likely to have bought in the last year and 23 per cent more likely to buy in the coming year than the average Australian.
Digital real estate sites are their preferred platform with 44 per cent conducting research on publisher-owned real estate sites.
Real estate sections in print and digital
When it comes to researching, some 71 per cent read publishers’ real estate content in print or digital format over a four-week period. Half of them found information online and 46 per cent read real estate content in print.
Online research often goes hand-in-hand with print real estate sections to help consumers gather relevant information to support the buying process.
A quarter of prospective buyers who use news media real estate sites also read newspaper real estate sections.
The high-end of the market is particularly reliant on a combination of print and digital. A third of buyers with a personal income of $120K+ use property content on all platforms, which indexes 29 per cent above the average buyer.
These findings are true of both home buyers and property investors.
The capacity for newspapers to reach a broader range of prospects, including those who are not actively searching for a home but are still potential buyers, combined with real estate web sites, represents an unbeatable marketing combination.
- Corelogic, Monthly Housing & Economic Chart Pack, September 2016.
- HSBC, How cool is Australian housing? Different measures show differing degrees of slowdown, September 2016.
All other figures from emma™ conducted by Ipsos MediaCT, People 14+ for the 12 months ending August 2016; Nielsen DRM August 2016, People 14+ only.