Australia seventh most property-obsessed nation, research reveals

According to HSBC’s research, which surveyed 11,932 adults over 21 years of age, Australia is the seventh most property-obsessed nation in the world.

Further, adults around the globe were found to spend an average of 3.5 hours a week researching property, signalling that a “culture of property obsession” may be “sweeping the globe”.

Australians reportedly spend twice as much time researching property than exercising at the gym (1.08 hours) or speaking to their parents (0.88 hours).

Meanwhile, 23 per cent of Australian home owners reported that they check the value of their property every three months, while 46 per cent of potential home owners said the biggest property “deal breaker” in their quest to acquire the “perfect home” is “difficult neighbours”.

According to HSBC, the research demonstrates that the cooling housing market, which has largely impacted major cities, including Melbourne and Sydney markets, has done “little to dent the property fixation” among some Australians.

The UAE and USA were reportedly the world’s most property-obsessed nations, clocking an average of 6.6 hours and 4.95 hours, respectively, on research each week.

HSBC’s head of mortgages, Alice Del Vecchio, said that low interest rates and declining property prices were “encouraging factors for many Australians” looking to enter the property market.

“Shopping for homes, reading property magazines and trawling online listings” were recorded as common forms of property research – even among adults who were not in the market for a new house.

Ms Del Vecchio added: “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 Australians putting off important life stages, like having children, in the quest to afford the perfect property.”

Extreme house hunters

HSBC’s research also found that just over 6 per cent of the global population spends over seven hours a week researching property, and can be defined as “extreme house hunters”.

Most extreme house hunters across the globe feel that researching properties for hours each week is beneficial, with 74 per cent reporting they “feel ‘relaxed’ about buying a property” and 79 per cent “feeling ‘in control’” as home owners.

Meanwhile, 49 per cent of extreme property addicts admitted to checking the value of their home monthly.

The survey also indicated that extreme house hunters are “more likely to delay important life stages” in order to save for the “perfect home”, with 19 per cent holding off on having children to acquire property – twice the global average.

Despite the amount of prospective home owners obsessing over “finding the perfect property”, 38 per cent reported that their decision to purchase property was “often impulsive” and “based purely on their first impressions”, HSBC revealed.

According to Ms Del Vecchio, purchasing property is often the “most significant purchase Aussies make”, but some home buyers are “taking their passion for the perfect home to the extreme”.

She concluded: “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.”