Aussies more property geeks than fitness freaks: HSBC study

THE housing market might be cooling, but it seems Australia’s obsession with property is hotter than ever.

New research from HSBC reveals Aussies spend twice as much time looking at buying property than they do at the gym — even if they are not in the market for a new home.

The global study found we clock up 2.5 hours a week researching the property market, compared to the 1.08 hours we spend at the gym or talking to our parents (0.88 hours).

Extreme house hunters spend more than seven hours every week window shopping for homes, reading property magazines and trawling online listings.

The survey also found 23 per cent of Aussies check their home’s value every three months.

But Aussies are far from the most obsessed nation when it comes to property.

The UAE and USA take that crown, spending an average of 6.6 and 4.95 hours, respectively, on property each week.

Difficult neighbours is our biggest deal breaker (46 per cent) when it comes to a property purchase — something Aussies have in common with French and British buyers.

Rumours of a property being haunted are enough to put off 21 per cent of Australian buyers.

HSBC Australia head of mortgages Alice Del Vecchio said the study showed softening property prices and low interest rates were encouraging factors for people looking to get in to the local housing 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,” Ms Del Vecchio said.

“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.”

THE COUNTRIES MOST OBSESSED WITH THE PROPERTY MARKET

Country Hours spent on property research (per week)

UAE 6.6

USA 4.95

Taiwan 4.54

Mexico 3.56

Singapore 3.29

UK 2.65

Australia 2.51

Canada 2.08

France 1.74

(Source: HSBC)

Full Article: https://www.realestate.com.au/news/aussies-more-property-geeks-than-fitness-freaks-hsbc-study/