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Buyers turn to apartments as Moresby house prices soar

Rainbow Housing Estate  Port Moresby
Rainbow Housing Estate, Port Moresby - apartments are in demand

KEITH JACKSON

PORT MORESBY - The third annual Hausples.com.pg real estate survey, designed specifically for a local audience, has shown a distinct shift in people’s preferred housing in Papua New Guinea’s national capital.

“Apartments appear to be the preferred choice in rentals and high set housing are the preference for sales,” said 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.”

The survey delivers information about the property market looking at rentals, sales, financial literacy and consumer feedback.

It canvassed the experiences and views of 1,500 people earlier this year.

Mr Snelling said Port Moresby has seen a significant increase in middle-income earners and he had seen a noticeable upward shift in the budgets survey respondents which is a positive sign for property sales.

He said 2019 will be a year of progress in PNG “as people have more money that they want to put to good use and they are increasingly turning to real estate and property ownership.”

Renters now prefer apartment living, which is a notable change. The high-demand areas remain the same with Waigani, Boroko, East Boroko and Korobosea most favoured but there have been significant increases in 8 Mile and 9 Mile.

For home buyers, affordability is still a major hurdle; most people see real estate as prohibitively expensive. Despite this, the perception is that now is as good a time as ever to buy. High set houses still account for most buyer demand.

“The survey results display that Papua New Guineans still prefer free-standing PNG-style houses in the suburbs of Port Moresby,” said Hausples CEO Mathew Care.

“The 2019 real estate survey provides an opportunity for those involved in the real estate sector to plan to create opportunities for quality and affordable housing options for PNG,” he said.

An interesting insight came in how people seek information about real estate.

“While Hausples.com.pg remains a popular outlet, the importance of Facebook swelled massively,” the survey report said. “More people want instant access to information on their mobile phones or computers.”

Tom Snelling will discuss the survey results at seminars during the next Hausples Real Estate Show at the Sir John Guise Stadium on 21-22 June

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