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Buying fast, but few regrets

Over half of Australian house hunters spend less than an hour inspecting a property, according to new research by ME Bank.

A recent survey of 1,000 property owners revealed that once they found their dream home, 55% spent hardly any time checking out the property they eventually bought, despite it being one of the biggest purchases of their lifetime.

Not surprisingly, COVID-19 reduced that time even further for buyers who made a purchase during the pandemic. Of that group, 65% said that restrictions impacted their ability to inspect and purchase their property.

The lack of inspection time led to around 61% of Australian homebuyers discovering issues with their property after moving in.

Around 40% of this group said they missed picking up issues because they ‘lacked the skill or experience in inspecting the property’ while 33% simply ‘fell in love with the property and overlooked them’, and 18% were ‘impatient and concerned by rising prices’.

Overall, the top post-purchase problems included construction quality, paintwork, gardens and fences, and fittings and chattels.

Among owners who identified issues:

– 84% spent money fixing, replacing or improving the issues identified, or have plans to do so; and
– 34% experienced a degree of ‘buyer’s regret’ following the purchase.

The survey also revealed that around a third of buyers failed to arrange a professional building and pest inspection.

Despite reservations, most of those who identified issues still reported they were happy with their decision. An overwhelming 94% said it was still worth buying the property despite the problems they discovered.

About Adam Nobel

Principal
M. Bus, Grad Dip Adv, B.Int Bus, LREA

adam@hugoalexander.com.au

0417 007 001

Adam is the founder and Principal of Hugo Alexander Property Group. With a previous career in advertising, 20 years experience in property investment, and 14 years in Brisbane real estate, he knows the market inside out to ensure his clients grow their wealth faster.

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