Half of property buyers anxious, losing sleep over auction process

A new survey has revealed that not only are 62% of home buyers heading into an auction without a strategy, and 48% are not as prepared as they could be, but that 51% are experiencing anxiety about the auction process.

The research from St.George Bank points to 48% saying that auctions have a negative impact on their sleep patterns.

The most difficult house hunting and buying processes were noted as being making an offer or bidding at auctions, evaluating which properties provide good value and choosing the suburb in which to buy, with 46%, 44% and 44% respectively noting these options. A total of 57% further said that they would find it easier if property comparisons were simpler.

More than half have missed out on a property they wanted due to the heat of competition.

However, the majority felt confident when knowing what to look for at a property inspection and organising building and strata inspections.

St.George’s general manager retail banking Andy Fell said that they have created a new online hub called HomeHero to assist customers, in conjunction with Bank of Melbourne and BankSA. The resource includes step by step guides and information.