Australia’s biggest first home buyer fears

Jake Quade 29 June 2016

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.

The inter-generational battle over affordability

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