Australia’s biggest first home buyer fears
Our major concerns are all about location, a new survey finds.
There’s a lot to be worried about when attending the auction of your "dream property", and a new study has revealed the most prevalent of these fears among Australian homebuyers.
A national survey of 1,017 Australians revealed that the biggest concern was desired locations being out of reach, a fear shared by 72% of respondents. Coming in at a close second place was the fear of paying too much for a property, hitting 70% of Australians.
Ranking our biggest property concerns
The top 10 fears as uncovered by the survey were:
- Affording your dream location: shared by 72% of respondents
- Overpaying for a property: shared by 70% of respondents
- Ongoing maintenance costs: shared by 64% of respondents
- Saving a deposit: shared by 62% of respondents
- Property values going down after you buy: shared by 59% of respondents
- Personal sacrifices from buying a home: shared by 59% of respondents
- Qualifying for a home loan: shared by 56% of respondents
- Buying in the wrong location: shared by 54% of respondents
- Meeting ongoing repayments: shared by 53% of respondents
- Committing to staying in the same property: shared by 46% of respondents
- Buying the wrong property type: shared by 45% of respondents
How we plan on purchasing
The respondent were also questioned on when they planned on entering the market, and how they anticipated financially closing the gap. interestingly, only 33% are expecting to need financial help from their parents – whether that be in the form of deposit assistance, taking them on as a guarantor or even accepting them as a landlord in the repayment interim.
In terms of what kinds of properties first home buyers are interested in, 64% are looking for a residential property – somewhere they can live themselves. A further 19% are after an investment property that they will move into at a later date, while 16% are interested in buying an investment property that they don’t plan to move into at any stage.
In terms of flying solo or having a buying partner, it would seem that couples are still the preferred buying approach, with 65% of respondents planning to buy with their partner.