2020 Real Estate Survey To Address Market Performance And Public Perception

Jan. 7, 2020, 11:09 a.m.

The PNG Real Estate Survey 2020, currently hosted by Hausples Limited, seeks to address demands for affordable housing, purchasing power, property prices and desired reforms that mirror customer expectations. 
So far, more than 1,500 completed surveys have been submitted, and the number continues to rise daily. The survey is conducted annually among a supply of subscribers who receive regular updates from Hausples. Because of these surveys, Hausples is able to gain greater insights into new real estate trends, which is then made available to interested parties who have a special take on the property market.

“Surveys of this nature give an opportunity for the general public to state their preferences in the real estate market,” says Tom Snelling, General Manager for Hausples. “It’s important to understand what homebuyers are looking for - the price range, acreage, etc., so that developers and planners can build accordingly.”

Voicing your concerns and preferences or feedback is paramount to any survey, likewise the PNG Real Estate Survey 2020. From a customer standpoint, your voice becomes the instrument for companies to measure your level of satisfaction with their products or service, and is suggestive of what’s working, what’s not, what should be done, and what is expected. 

 

The 2020 survey tallied responses from property agents, developers, investors and basically everyone else. Just under half represent the government, banking and finance, oil and mining, and real estate and construction sectors, while retail, education, hospitality, medical, self-employed and others comprised fair portions. Among the notable results:

  • The average age of respondents is between 31-40. Compared to last year, the progressive number of respondents in this bracket has gone up by 3%.

  • The survey also shows a dip in percentage of low income earners, but not so true for middle-income earners who are experiencing a gain;

  • The general perception of the real estate market, however, falls within the confines of “unaffordability”, especially for rentals and sales; 

  • Still consistent, compared to previous years, Waigani is the most sought after location for residing. But an overwhelming interest points to out of town locations such as 8 Mile, 9 Mile, Edai Town and so forth;

  • Over half of the respondents said they are likely to spend between K200,000 and K400,000 on a property; and,

  • Contrastingly, financial literacy has greatly improved and most likely will continue to improve in the years to come

 

“As far as the current survey goes, we are seeing growth in the mid to upper income earners, which is inspiring for PNG’s economy and individual purchasing power,” Mr. Snelling added. “And despite the general feeling that property prices are high, with limited appraisal for affordable housing, the survey indicates significant changes in attitudes and that suggests maturity in the real estate market in PNG.”

The 2020 survey has been refined in order to obtain as accurate and unbiased information as possible. Location preferences include the whole of PNG as well as suburbs of the capital. There also appears to be a trend towards the purchase of land-only, for which Hausples is trying to gain a deep understanding of this reality.

 

The general purpose of these surveys is to assess how satisfied the general public is with different aspects of the real estate landscape. Identifying unhappy customers is as important as identifying extremely happy ones (potential advocates).

To wrap things up, the overall goal of any survey is obtaining actionable customer feedback that can be used for improving overall customer experience; hence, your satisfaction in the product/service offering.

 

Nevertheless, measuring and tracking overall customer satisfaction is the first and most important step towards creating amazing experiences.

You only have a week left to fill in the survey if you haven’t done so yet. Your answers will go into a draw to win a Galaxy A50 smartphone.