Emotions run high for first home buyers: St George Bank study

Emotions run high for first home buyers: St George Bank study
Emotions run high for first home buyers: St George Bank study

A fair number of Australians are losing their sleep, literally, as they go through the emotional journey of looking for that dream first home, says a recent survey.

More than 70 percent of Australian first home buyers become emotionally invested during their house hunting, says the research commissioned by St.George Bank.

The survey of 1,000 first home buyers reveals that more than 50 percent of respondents said their sleep hours suffered while 25 percent found themselves losing focus at work.

Ross Miller, general manager for St.George Retail Banking, said 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." 

A good number also reported that they missed out on catching up with friends (45.9 percent), visiting family (34.3 percent) and doing house work (33.4 percent) due to the time it took to search for and purchase a first home.

“In this current competitive market, where a majority (63.5 percent) of first home buyers missed out on purchasing a property because they were outpriced, the pressure can be significant.”

Miller offers some 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 percent become emotionally invested when buying a property 


• 54.8 percent found that their sleep patterns suffered during the house hunting period 


• 25.3 percent found that their productivity at work suffered during the house hunting period 


• 22.1 percent found that their relationship with their partner suffered during the house 
hunting period 


• 45.9 percent missed out on catching up with friends during the house hunting period 


• 34.3 percent missed out on visiting family during the house hunting period 


• 33.4 percent missed out on doing house work and chores during the house hunting period 


• 49.3 percent missed out on purchasing a property 

Tags: 
Property investment First Home Buyer

Comments

Be the first one to comment on this article
What would you like to say about this project?