What buyers will and will not tolerate to crack into the market
The majority of respondents to a survey believe they would tolerate a not-so-desirable property and suburb in order to become a homeowner.
According to a survey of 2,019 Australians by Finder.com.au, 78 percent of those polled would happily do so.
An untrendy suburb (44 percent), evidence of the previous owner having a pet (42 percent), and a property that’s a deceased estate (41 percent) were also identified as features buyers would overlook. Some 45 percent of those surveyed would buy an ‘unlucky’ house number, number thirteen.
The survey asked respondents “If you were to buy a property in the current market, what would you put up with in order to get into the market?”.
Bessie Hassan, Money Expert at Finder.com.au, said things that may be viewed as undesirable are now being viewed in a new light as house prices continue to climb.
“Wish-lists are going out the window, as buyers compromise to get their spot on the property ladder. Buyers need to be realistic and realise there’s no such thing as a ‘perfect’ property,” she said.
"One in four (25 percent) respondents admit they’d live within close proximity to a brothel, and one in five (20 percent) would put up with a property located near a noisy bar.
“Buyers are less likely to accept an unsavoury smell or the presence of asbestos in the dwelling.
“If the area has a high crime rate or the street contains abandoned vehicles, these are also things buyers can’t overlook.
“Keep in mind that areas change over time, and gentrification and urban renewal can shift the appeal of a suburb, so you could be looking at the next hot suburb without realising it.
“Buyers should get a building and pest inspection to ensure the property is structurally sound, and to decide if any pre-existing faults can be affordably managed.
“In some cases, the flaw may be well worth the discount."
South Australians are the most desperate to get into the property market with 14 percent willing to put up with all of the listed turnoffs followed by NSW and WA at 9 percent, QLD at 8 percent and VIC at 7 percent.
