Research on consumer confidence to purchase apartments
In 2022, Building Commission NSW engaged McCrindle to benchmark consumer confidence in the residential apartment sector in NSW.
Key information
The purpose of this report is to explore the current levels of consumer confidence towards purchasing an apartment in NSW.
The report also explores the impact of Construct NSW measures to improve consumer confidence.
The report found that 30% of NSW residents currently feel confident about purchasing an apartment.
The research forms part of the Construct NSW strategy to reform the building and construction industry.
Key findings
- 17% of all NSW residents are looking to purchase an apartment within the next two years. Of these, three in ten currently feel confident.
- Top drivers of low confidence:
- affordability (58%)
- developer trustworthiness (24%)
- quality of buildings (24%).
- negative media (16%)
- Finding trustworthy information is a key challenge when purchasing an apartment.
- 30% of NSW residents are aware of the Construct NSW initiatives. This can be improved through better communication (42%).
- New initiatives, such as building compliance measures increases purchasing confidence (from 46% to 77%).
About the report
The state of consumer confidence report is the collation of quantitative and qualitative data gained through an independent online survey and focus groups with NSW residents and prospective purchasers.
The key objectives of this research were to:
- baseline the state of consumer confidence towards buying an apartment in NSW
- understand the contributing factors to high and low confidence
- test what can be done to increase consumer confidence.
The report was commissioned in 2022, by the Building Commission NSW.
