Property up-graders: the next market force

Property up-graders are set to be the next big force in the property market, according to the latet LJ Hooker/BIS Shrapnel Residential Property Index.

According to the report, which tables property price growth across Australia and observes trends in buyer activity, up-grader activity for the December 2009 quarter was at 38.1%, the highest in 12 months.

Colin Judd, general manager, operations, at LJ Hooker, said up-grader activity was evident in 2009 "as many home owners sold into the buoyant first home buyer market."

"This group continues to gain momentum in their move up to the next price point," he said

"Interest rates are still significantly low by historical standards. Given this fact, the recovery in the economy, post-GFC and the unlikely crash in employment, the market analysts expect up-graders will purchase confidently."

According to Judd, up-graders generally are attracted to higher priced properties than the first home buyer sector and this demand could see a significant shift in the majority of property types being bought and sold.

If you are looking to upgrade or looking for an investment property, speak to the mortgage brokers at Intellichoice. We have access to a large range of property developments all around Australia, including Brisbane, Sydney, Melbourne, Perth and Cairns.