Hausples.com.pg, Papua New Guinea’s leading property portal, is pleased to release the results of the 2019 Real Estate Survey. The survey delivers key information about the property market from the perspective of the general public and analyses key factors such as rentals, sales, financial literacy and consumer feedback.
This valuable report is the third annual survey of its kind, which means we can compare results against previous years to see the trends that are shaping PNG.
For example, indications show a significant increase in middle-income earners which is a positive sign for property sales. The questions were drafted specifically for a local audience.
The survey was distributed electronically to the Hausples.com.pg email database, its social network followers and visitors to the Real Estate Shows resulting in nearly 1,500 respondents over a two week period earlier this year.
The year 2019 will undoubtedly be an exciting year of progress in PNG. This year we saw a noticeable upward shift in the budgets of our respondents. What this means for society at large is that growth is leading to progress, as people have more money that they want to put to good use. They want it to pay dividends and they are increasingly turning to real estate and property ownership.
Results are broken down into categories that span rental properties, purchases, market perceptions, feedback and more.
In the renter’s market we saw that, in general, preferred to rent an apartment; a notable change compared to the previous year. The high-demand areas have remained the same, staying in residential-focused suburbs. Most people are still looking for affordable rentals, perhaps because they are saving up for a future property purchase. Suburban areas such as Waigani, Boroko, East Boroko and Korobosea held the most demand, with notable increases in 8 Mile and 9 Mile.
Turning to the buyer’s market, there is still a major obstacle with perceived affordability. Most people think real estate is becoming prohibitively expensive. Despite this fact, the perception is that now is as good a time as ever to buy. Houses, specifically high set houses, still account for most buyer demand. It seems that, as far as location goes, buyers want a location that has an attractive price, and one that has the infrastructure. After all, if you put money down for a property, you want it to increase in value.
The Chief Executive Officer of Hausples, Mr Mathew Care recognizes that “The survey results display that Papua New Guineans still prefer free-standing PNG style houses in the suburbs of Port Moresby. The 2019 PNG Real Estate Survey provides an opportunity for those involved in the real estate sector to strategize multifaceted plans to create opportunities for quality and affordable housing options for PNG.”
Perhaps the most interesting insights of the year came from the shift in media people of PNG use for information about real estate. While Hausples.com.pg remains a popular outlet, the importance of Facebook swelled massively. More people want instant access to information on their mobile phones or computers.
“This year's survey has shown distinct shifts in attitude in the type of preferred housing when comparing long-term against short-term living. Apartments appear to be the preferred choice in rentals and high set housing being the preference for sales.” Said Mr Tom Snelling, General Manager of Hausples. “Affordability is still a key issue for most, and we hope that the data contained in this survey will assist those with a vested interest in the real estate market to focus efforts in these areas.”
There will be further opportunity for queries or suggestions on the survey results during the next Hausples Real Estate Show at the Sir John Guise Stadium on 21st and 22nd June and Mr Snelling will be discussing the survey results during the seminars.