Media Release

‘Unlucky’ 13 and untrendy suburbs: What buyers will tolerate to crack into the market

  • 78% of Aussies would tolerate undesirable property and suburb features to break into the market
  • Deceased estate, house number 13, and untrendy suburbs are features buyers will overlook
  • Tips for buyers to break into the property market

13 June, 2017, Sydney, Australia – More than three quarters (78%) of Aussies would tolerate not-so desirable property and suburb features for their slice of homeowner life, according to finder.com.au, Australia’s most visited comparison website1.

The research of 2,019 Australians asked respondents; “If you were to buy a property in the current market, what would you put up with in order to get into the market?”, and found
45% of participants would tolerate the ‘unlucky’ house number thirteen.

An untrendy suburb (44%), evidence of the previous owner having a pet (42%), and a property that’s a deceased estate (41%) were also identified as features buyers would overlook.

Bessie Hassan, Money Expert at finder.com.au, says Australians unable to buy in an overheated market may be forced to consider properties with less desirable attributes.

“Things that may be viewed as undesirable are now being viewed in a new light as house prices continue to climb.

“Wish-lists are going out the window, as buyers compromise to get their spot on the property ladder. Buyers need to be realistic and realise there’s no such thing as a ‘perfect’ property,” she says.

One in four (25%) respondents admit they’d live within close proximity to a brothel, and one in five (20%) would put up with a property located near a noisy bar.

However, the research found there are some things house hunters aren’t willing to compromise on.

“Buyers are less likely to accept an unsavoury smell or the presence of asbestos in the dwelling.

“If the area with a high crime rate or the street contains abandoned vehicles, these are also things buyers can’t overlook,” she says.

Ms Hassan urges buyers to maintain a long-term view when considering different properties and locations.

“Keep in mind that areas change over time, and gentrification and urban renewal can shift the appeal of a suburb, so you could be looking at the next hot suburb without realising it,” she says.

If a buyer is unsure about whether a feature is a deal-breaker, they should practice their due diligence.

“Buyers should get a building and pest inspection to ensure the property is structurally sound, and to decide if any pre-existing faults can be affordably managed.

“In some cases, the flaw may be well worth the discount,” Ms Hassan says.

Five most accepted features

RankIssueAcceptance*
1If it had the street number 1345%
2A lack of suburb "trendiness" (e.g cafe culture)44%
3The previous owners had a pet42%
4If you knew the property was a deceased estate41%
5If the property was within close proximity (within 2km) to a fast food chain39%

Five least accepted features

RankIssueAcceptance*
1If the property / area had a bad smell13%
2If the house had asbestos in the walls/ceiling15%
3If the area had an above average crime rate.16%
4The street contains abandoned cars/trailers/boats16%
5Located in an industrial area19%

Men vs women

  • Women (44%) were more comfortable than men (39%) purchasing a property where the previous owner had a pet.
  • 31% of men would buy a property near a brothel compared to only 20% of women.
  • 20% of men would accept a property in an area with an above average crime rate, compared to 13% of women.

State breakdown

  • South Australians are the most desperate to get into the property market with 14% willing to put up with all of the listed turnoffs. This is followed by NSW and WA at 9%, QLD at 8% and VIC at 7%.

1 Experian Hitwise since 2015

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For further information

Disclaimer

The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.

About us

More than 3 million Australians turn to finder.com.au every month to save money, time and make important life choices. We compare virtually everything from credit cards, phone plans, health insurance, travel deals and much more.

Our free service is 100% independently-owned by two Australians: Fred Schebesta and Frank Restuccia. Since launching in 2006, we’ve helped our users make more than 17 million decisions.

We continue to expand and launch around the globe, and now operate in the United States and United Kingdom. For further information visit www.finder.com.au.

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