Aussies spend twice as much time researching property as they do in the gym
New research from HSBC reveals that a culture of property obsession is sweeping the globe, with people spending an average of 3.5 hours every week window shopping for homes, reading property magazines and trawling online listings – even when they aren’t in the market for a new house.
Australians spend an average of 2.5 hours a week focused on property, more than twice the time they spend at the gym (1.08 hours) or speaking to their parents (0.88 hours), demonstrating that the cooling housing market is doing little to dent the property fixation of some people.
The UAE and USA are the most property obsessed countries in the world, spending an average of 6.6 and 4.95 hours, respectively, on property each week.
Alice Del Vecchio, head of mortgages for HSBC Australia, said softening property prices and low interest rates were encouraging factors for many Australians looking to enter the property market.
“Buying a property is often the most significant purchase Aussies make, but it seems that some home buyers are taking their passion for the perfect home to the extreme.
“An industry of property magazines, TV programs and websites is making it harder than ever to have realistic expectations about what you can afford – with many Aussies putting off important life stages, like having children, in the quest to afford the perfect property.
“It’s essential to begin this buying process by having an open discussion with your partner, family or financial adviser to discuss what you can afford and what compromises you might have to make. Buying a property should be a positive experience, and with some careful planning, it can be an exciting one too,” said Ms Del Vecchio.
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