Asian investors are not the cause of the nation’s house price dilemmas according to a new survey.
This was the chief finding of a recent survey of property lawyers and conveyancers in NSW that showed 69 per cent of respondents believed that rich Chinese buyers had no discernible impact on property prices in their respective areas. That said, 31 per cent agreed that they had.
The survey – conducted by the Australian Institute of Conveyancers (AIC) – was designed to determine the biggest issues currently surrounding property conveyancers.
Interestingly – and a point brokers would no doubt sympathise with – 63 per cent of respondents agreed that vendors and purchasers seeking settlement periods different to the standard 42 days is one of their biggest issues.
Likewise, the industry’s move to e-conveyancing – which has the potential to significantly impact brokers – was creating real confusion with four out of 10 respondents agreeing they were either ill-prepared or educated to handle the move to digital.
“These results clearly demonstrate that there needs to be a more concerted effort to inform and educate those working in conveyancing of the significant productivity and profitability gains that can be achieved with e-conveyancing,” said a spokesperson for the survey.
The survey also showed that 39 per cent of respondents were unsure if e-conveyancing would even catch on, while 25 per cent of regional conveyancers can’t find the necessary staff.
Just over half of respondents agreed that client expectation and demand are the prime driver of change in the industry, while over a quarter don’t take annual leave, and a quarter of those who do, work on their holidays.