Homebuyers aren’t establishing auction strategy

Homebuyers aren’t establishing auction strategy

Posted on Monday, December 01 2014 at 2:48 PM

New research conducted by St George Bank has revealed that six out of 10 homebuyers don’t have a strategy in place to help secure that winning bid under the hammer, and nearly half (48 per cent) admit to not being as prepared as they could be ahead of an auction.

The survey found more than half of Australians have missed out on
purchasing their dream home simply because it became too competitive during the
buying process.

The research shows the top three most difficult house hunting and buying
processes are:

  1. Making an offer or bidding at auctions
  2. Evaluating which properties provide good value
  3. Choosing the right suburb to buy in.

More than half say they’d be more confident about securing a home if
there was an easier and simpler way to evaluate and compare properties for

Ahead of attending an auction, one in two Aussies experience anxiety and
nearly half said it had a negative impact on their sleep patterns.

Andy Fell, retail banking general manager at St George, says the survey
results show some Australians are finding it challenging to take steps on the
property ladder and goes on to describe a new online hub designed to help
customers be more prepared.

“HomeHero.com.au will help buyers make the right choices to set up for
the future with a wide range of content from finding out if a property is a
great deal, to knowing what to look for in building, pest and strata
inspections,” he says.

Some more findings from the survey

  • When attending an auction, 48 per cent of respondents
    didn’t feel as prepared as they could have been.
  • Ahead of attending an auction, 51 per cent of
    respondents experience anxiety, followed by insomnia (18 per cent) and sweaty
    palms (17 per cent).
  • Activities/commitments respondents have missed out on
    by having to attend property searches or auctions are housework/cleaning (52
    per cent), catching up with friends (39 per cent) and exercise (38 per cent).
  • Most respondents
    feel confident when it comes to knowing what to look for in a property
    inspection (49 per cent) and organising a building inspection or strata (43 per
  • During the house-hunting process, 48 per cent said
    sleep patterns were the biggest negative impact on their lives, followed by
    productivity at work (33 per cent) and relationship with their partner (23 per



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