More than half of Australian first home buyers have admitted their buying decisions have caused them to lose sleep.
Results of a new survey of 1,000 new home buyers by St.George
Bank has revealed 71.8% of first home buyers become emotionally invested during the buying process, with 54.8% of respondents saying their sleep hours suffered as a result of the process.
One in five first home buyers found their productivity at work declined while they were house hunting, while 22.1% said that their relationship with their partner suffered.
Stress levels of first home buyers are also likely to increase, with 13.6% of first home buyers saying they found the house hunting process very stressful, while 44.1% found the house hunting process stressful but manageable.
“Buying your first home is a major milestone and a huge financial investment so it’s no surprise to see almost three quarters of respondents became emotionally invested in the process,” Ross Miller, general manager for St.George retail banking, said.
“In this current competitive market, where a majority of first home buyers missed out on purchasing a property because they were outpriced, the pressure can be significant,” Miller said.
According to the survey results, 49.3% of respondents had experienced missing out on a property during the purchasing process. Of those who missed out, 63.5% said they had been prevented from buying due to being priced out.
The results of the St.George survey came in the same week that a Mortgage Choice
survey revealed that the majority of Australian first home buyers believe the government is not providing them with sufficient assistance