Property market update: Melbourne, April 2022
Melbourne’s growth plateaued over April and posted its first quarterly since the start of the pandemic boom, further d...
Looking to buy property but don’t know where to start? Here are five things investors wish they knew before entering the housing market.
Allianz Australia has conducted a survey to determine peoples’ perceptions of buying property.
In examining the survey results, Allianz identified five things investors wish they knew before entering the housing market.
Of the respondents, 14.2 per cent of buyers wished they had a more realistic view about the properties available within their budget, while 14.6 per cent wished they knew how long the process would take from start to finish.
A further 20.5 per cent of buyers wished they knew about the additional associated costs that come with entering the housing market, such as mortgage insurance.
Meanwhile, 11.3 per cent of buyers wished they knew how much it would cost them to move, and 9.0 per cent said they wished they knew more about stamp duty prior to entering the housing market.
The Allianz research also found that searching for a new home affects the mental and emotional wellbeing of 51 per cent of Aussie home buyers.
Of the group surveyed, a further 55 per cent said they would rather stay in their current home longer than have to deal with the stress that comes with buying a new home. Meanwhile, 18.6 per cent who are stressed out by the process said they’d rather go without social media for a month than enter the housing market.
Furthermore, the research shed light on the top five factors people take into consideration during their property search, with price coming out on top (46 per cent), followed by suburb (37 per cent), the “feel” they get about the place (36 per cent), the size (27 per cent), and the proximity to amenities (26 per cent).
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.