Emotions run high for first home buyers
31 August 2016
More than 70% of Australian first home buyers become emotionally invested during their home buying journey, according to research commissioned by St.George Bank.
The survey of 1,000 first home buyers reveals over 50% of respondents said their sleep hours suffered and 25% found their productivity at work decreased while house hunting.
A significant number of respondents also reported that they missed out on catching up with friends (45.9%), visiting family (34.3%) and doing house work (33.4%) due to the time it took to search for and purchase a first home.
Ross Miller, General Manager for St.George Retail Banking, said that the research highlighted how much emotion is involved when it comes to purchasing a property.
“Buying your first home is a major milestone and a huge financial investment so it’s no surprise to see almost three quarters of respondents became emotionally invested in the process.
“At St.George we share our customers’ excitement when buying a first home. We are here to support our customers during what can be a time of many different emotions and offer them sound financial products and advice.
“In this current competitive market, where a majority (63.5%) of first home buyers missed out on purchasing a property because they were outpriced, the pressure can be significant. Here are my top tips to manage the first home buying process:
· Set a budget – it might be tempting to overbid when you find a property you love. Avoid spending more than you want to by having a price range in mind;
· Take care of your wellbeing – purchasing a first home may take its toll; it can be helpful to take a break and spend time with family and friends;
· Seek out experts who can help – the St.George Bank team can support you with knowledge about the market and advice on the right products for your needs.
“With record low interest rates, now is a fantastic time to take your first step on the property ladder. Come and speak to your local St.George banker to ensure you make the best decision for your financial future,” added Ross.
Summary of key findings
· 71.8% become emotionally invested when buying a property
· 54.8% found that their sleep patterns suffered during the house hunting period
· 25.3% found that their productivity at work suffered during the house hunting period
· 22.1% found that their relationship with their partner suffered during the house hunting period
· 45.9% missed out on catching up with friends during the house hunting period
· 34.3% missed out on visiting family during the house hunting period
· 33.4% missed out on doing house work and chores during the house hunting period
· 49.3% missed out on purchasing a property
· Of those that missed out, 63.5% missed out due to being outpriced
· 13.6% found the house hunting process very stressful
· 44.1% found the house hunting process stressful but manageable
· 15.3% found the house hunting process stressful but enjoyed the competitiveness
For more information about a new or existing home loan, please visit www.stgeorge.com.au
About the research: Conducted by Pure Profile in January 2016, 1000 respondents were surveyed across Australia.
M: 0412 059 766