There are some interesting findings within this Press Release issued today by the REA Group…
- Eighty four per cent(1)of property hunters find inspecting properties to be more stressful than visiting the Boxing Day sales.
- Fifty seven per cent(1) of property hunters have become so distressed by the property search that they have fought about it with their loved ones.
- New South Wales property hunters are the most stressed out in the country while South Australians are the most relaxed.(1)
“Australia’s obsession with property hunting is stressing out the nation and impacting our relationships with loved ones, according to new research by leading Australian property portal, realestate.com.au.
The nationwide survey of over 1,000 adults(1) revealed 84 per cent of prospective buyers believe looking for property is more stressful than visiting the end of year Boxing Day sales. The news comes as realestate.com.au enhances their website to alleviate the pressure.
The findings reveal three-quarters (74 per cent (1)) of Australians find inspecting properties stressful, with New South Wales property hunters coming in as the most stressed out state in the country.
Unsurprisingly, this added stress is having an adverse effect on wellbeing, with 57 per cent of property hunters saying they have become so distressed by the property search that they have fought about it with their loved ones.
Clinical psychologist and relationship expert Dr Timothy Sharp, also known as Dr Happy, says the findings come as no surprise to him.
“Many people underestimate the effect big decisions, such as buying or renting a property, have on our state of being and how happy we are day-to-day,” said Dr Sharp.
“The key is to reduce the stress associated with the process. In doing so, we not only make better decisions but we bring the fun back to house hunting,” he said.
Despite finding the search for their dream home stressful, it seems Aussies are addicted to the hunt. Ninety two per cent of property seekers spend over one full day per month (up to 25 hours) researching potential homes online(2).
The research also revealed that 86 per cent(1) of respondents believed using online property websites like realestate.com.au could help ease the pressure felt when house hunting.
General Manager Consumer Marketing for realestate.com.au, Henry Ruiz says the site enhancements help minimise the time wasted in searching for properties, meaning house hunters can find that dream home faster.
“At realestate.com.au we know how stressful the house hunting process can be. We’ve listened to our customers and as a result we have implemented new tools on our website to streamline the search process,” said Henry.
“Some of the new tools includes enhanced search functionality, a compare feature and a myrealestate zone”, he said.
The enhanced search function enables house hunters to now search by the exact street name, suburb or address. The compare feature allows consumers to scan key attributes of each listing and eliminate the ones they don’t like, while the myrealestate zone acts like an online scrapbook allowing house hunters to save all their search activity in the one place for future reference.
KEY STATE FINDINGS(1):
- Seventy nine per cent of New South Wales residents claimed they get stressed when looking for property making them the most stressed out state
- Property hunters in South Australia are the least likely to get stressed with only 64 per cent claiming they have felt the pressure when looking for their dream home.
- Property hunters in Western Australia spend the most time looking for properties, spending almost nine hours a week on the search.
- Property hunters in Queensland are least likely to fight with loved ones when looking for property with only 53 per cent claiming they have come to blows.”
Even though this media release coincides with the launch of realestate.com.au’s new look site, I thought that the article could also act as a timely reminder for agents to show understanding & empathise with clients who are going through the process of buying, selling or renting because it can be an extremely stressful time for your customers.
The more you can do to relieve their level of stress the more your customers will sing your praises.
(1) Independent online survey conducted by Longergan Research of 1,028 respondents for realestate.com.au, March 2010
(2) Internal research conducted by realestate.com.au. Online survey of 1,200 respondents, 5-9 October 2009
April 14, 2010
I certainly agree that buyers are stressed when looking for a property. I’ve had a prospective purchaser come to several opens only to miss out on the property due to interest from other buyers. The buyer is coming into the office at least once a week to check about any new listings although we already notify him when new properties are on our books. He’s told me it’s become so difficult he is desperate to buy something but feels hopeless as he’s getting pipped by buyers with more money.
Other buyers I have spoken with have also indicated how hard it is to find a property right now.