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Petra Sprekos

Survey Reveals Lengths Buyers Will Go To, to Purchase Property in 2010

A recent national survey of 1100 users, conducted by Real Estate View aimed to gather data on potential home buyers in 2010 and their feeling about the year ahead, as well as the sacrifices they would be willing to make to purchase a property.

While rising interest rates and house prices are concerns echoed by many home buyers, people still seem to be optimistic about successfully purchasing a home in 2010, although it may not be exactly what they had in mind when they originally started their property search.


How market demand and price increases are changing buyer decisions

With the market showing record growth over the 4th quarter of 2009, there was no surprise that buyers were reviewing their budget to buy in 2010.   In fact a whopping 2 out of 3 people expected to have to increase their budget in order to find a suitable property in a suitable location in 2010, with 72% of these individuals expecting to raise their original budget by over $20,000.  Showing that potential buyers are at least prepared for what the year ahead may bring.

However it seems that increasing their budget is not the only consideration buyers are making.  When asked about what compromises buyers are making it seems many of them are considering other alternatives to their find a suitable home.  62% of those surveyed thought they may need to look ‘further out’ than they originally planned, whilst 55% of people would look for a property of smaller size and 51% would look for a home of lower quality than originally planned.

So while prices are still rising it seems potential buyers out there are prepared to make some sacrifices to get onto the property ladder.

Overall market data such as that provided by Realestateview Property Data seems to point to the fact that the prime inner suburban properties will continue to be snapped up, but more humble buyers as shown from the survey are willing to move ‘out’ to find something that suits.  They may not be getting a house that is as nice as they originally planned or the house as large as they might first have thought, but they know that there are ways to make this work.  It seems that demand may not slow; it may just change a little.

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Greg Vincent

Google Announces Vision For Working With Real Estate Industry << Udated (Latest Google Videos)

Since Google announced their Real Estate based search on Google Maps, there has been a lot of debate over how this move will impact the real estate industry and the dominance of the major portals like,, etc.

At a Sydney press conference today, Google announced their “vision for working with the real estate industry”.

That vision for the industry involves a marketing partnership with LJ Hooker, one of Australia’s most well known real estate franchises.

As Alice Allan from Property Portal Watch explains,

“This new marketing push will see physical representations of the Google Maps “pins” appearing across 16 Sydney locations, from shopping centres to cinemas and even on Bondi Beach. Google says the co-branded pins are meant to encourage more Australians to head online to begin their real estate search, but with 87 percent of the population already doing so according to Nielsen, it’s clear this is a push to get Australians thinking “Google” when they think of online real estate.

Karim Temsamani, general manager of Google Australia and New Zealand, said today that Google Maps now links over 1,000 real estate websites across Australian and New Zealand. Along with LJ Hooker, Google also includes Ray White, First National and Century 21 amongst these partners, as well as smaller portals such as and As pleased as Google seems to be with these partnerships, one big question remains: what of Australia’s market leader,, and the number two player

When quizzed about the relationship with the two portals, Andrew Foster, product manager for real estate search on Google Maps, remained diplomatic. “We’re happy to take listings from anyone,” he said, while confirming that there is currently no arrangement to take listings from either portal. “At this stage they’re choosing not to provide listings,” he said.

“We’re not sitting back and waiting for large providers,” Foster continued, emphasising that Google’s coverage is “diverse and comprehensive”, and that there is “genuine enthusiasm to be seen on Google” from the real estate industry.” (read more here)

Whilst this move may exert some added pressure on, & to join in with others who are already uploading listings onto Google Maps, I don’t see any of these companies moving from their current stance any time soon.

And while many agents feel that Google may impact on the duopoly that currently exists within the Australian real estate portal market, they should also bear in mind that as Andrew Foster said “We’re happy to take listings from anyone,” which also means private sellers can upload their properties onto Google Maps for FREE.

Update: Here are the latest Real Estate on Google Maps videos.

Google Maps – Now with real estate listings across Australia

How to get driving directions from real estate listings on Google Maps

How to refine your real estate search on Google Maps

What impact do you feel Google will have on the real estate industry going forward?

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