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Fresh research has revealed that over three-quarters of the country’s first home buyers become emotionally invested while house hunting, with more than half reporting sleep and productivity loss.
St.George Bank’s recent survey of 1,000 first home buyers found that over 50 per cent (54.8 per cent) of respondents said their sleep hours suffered and 25 per cent found their productivity at work decreased while searching for a house.
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According to the survey, almost half of respondents also reported that they missed out on catching up with friends (45.9 per cent), visiting family (34.3 per cent) and doing house work (33.4 per cent) due to the time it took to search for and purchase a first home.
Further, 22.1 per cent found that their relationship with their partner suffered during the house hunting period.
The survey also showed that 49.3 per cent of respondents missed out on purchasing a property, and of those that missed out, 63.5 per cent did so due to being outpriced.
General manager for St.George retail banking Ross Miller commented: “In this current competitive market, where a majority of first home buyers missed out on purchasing property because they were outpriced, the pressure can be significant.”
Mr Miller provided three key tips to first home buyers to manage the 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,” he said.
