HSBC have revealed new research which show that Australians have an obsession for property.
According to the bank’s figures, on average Australians spend 2.5 hours a week window-shopping for homes, reading property magazines and trawling online listings – even if they aren’t in the market.
That figure is also more than twice the time Australians spend at the gym (1.08 hours) or speaking to their parents (0.88 hours).
Around the world the UAE and USA take out the top two positions of most obsessed, spending an average of 6.6 and 4.95 hours respectively focused on property-related activities each week.
|Country||Hours spent viewing property per week|
Extreme house hunters
HSBC’s research has also coined a new term for the 6 per cent of real estate lovers, all over the world, who spend over seven hours a week reading and researching properties.
Extreme house hunters.
Almost half (49 per cent) of these extreme house hunters check the value of their own home monthly.
Nearly one quarter of Australians (23 per cent) check the value of their property every three months.
Despite their fixation, extreme house hunters feel the time they invest researching properties pays off, with three quarters (74 per cent) globally saying they feel ‘relaxed’ about buying a property and almost four in five (79 per cent) feeling ‘in control’.
The research found that extreme house hunters are more likely to delay important life stages as they save for the perfect home.
Globally, 19 per cent of extreme house hunters have put off having a child to get on the property ladder, twice the global average. They are also twice as likely to delay marriage to save up for their next property purchase.
Quirks and superstitions
According to HSBC, although people obsess over finding the perfect property the decision to buy is often impulsive, with 38 per cent of people around the world deciding on a property based purely on their first impressions.
Superstitions and traditions also factor heavily in the decision to buy, with 50 per cent of people studied in Taiwan insisting bad Feng Shui is a deal breaker.
Locally, 46 per cent of people included in the research say difficult neighbours is the biggest deal breaker when looking for a home.
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,” she said.
“An industry of property magazines, TV programmes 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.”
|Market||Property deal breakers|
|Australia||Difficult neighbours (46%)|
|Singapore||Door number or street name is unlucky (16%)|
|UK||Difficult neighbours (43%)|
|Canada||Rumours of it being haunted (21%)|
|France||Difficult neighbours (43%)|
|UAE||Rumours of it being haunted (28%)|
|USA||Someone died there (29%)|
|Taiwan||Bad Feng Shui (50%)|
|Mexico||Someone died there (31%)|