In a study commissioned by St George Bank, seven in 10 first homebuyers reported getting stressed while searching for and trying to buy a home.
Furthermore, over 54% of the 1,000 survey respondents said they lost sleep over their property hunt.
“We just can’t overestimate the amount of work that goes into planning and preparation for the majority of Australians when they’re buying their first home,” said Ross Miller, general manager of St. George Retail Banking.
“They’re willing to sacrifice a lot of things during that process too, including spending time with family and friends.”
The survey also found that 71.8% of the respondents were emotionally invested in the entire process of buying a property, with 25.3% reporting that it took a toll on their work. Others said that their personal relationships with friends, family, and significant other also suffered.
Belle Property Randwick agent Brooke Marshall said that the record low interest rates are attracting more borrowers, thereby causing scarcity in properties for sale, particularly for first home buyers.
“A lot of them have been looking for a long period of time and prices have gone up dramatically in that time,” Marshall told Domain News. “Some have been looking for three years, and still haven’t found anything.”
A leading psychotherapist warned that stress could lead to unsound decisions in buying a home. To beat the stress, first home buyers are advised to set a budget to avoid splurging on a property. Also, get the help of experts who can give advice on the most suitable property for one’s needs and means.
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