Published : 2 September 2015
When it comes to being able to afford a home, Australian women worry about it more than men.
In a recent survey of 2000 Australians by Slater and Gordon Conveyancing Works a third of women surveyed said affordability was their biggest concern when it came to buying property.
Comparatively, just a quarter of men surveyed said the same.
Nearly a third of Queenslanders (31%) said housing affordability was their top concern, followed by 29% of NSW residents, 28% of Victorians and 23% of residents in WA.
Other concerns for Australians were finding a property they liked, getting finance approved, hidden costs and interest rates.
Slater and Gordon Conveyancing Lawyer Robert Kern said the results showed affordability was still the biggest factor when it came to purchasing property.
“A mortgage is a big decision and, increasingly, a lot of money,” Mr Kern said.
“Australians may want the property of their dreams but they are also pragmatists and don’t want to be left with a mortgage they can’t repay,” he said.
“It’s important that people make a thorough assessment of their financial position before deciding to purchase a property.
“I always advise people to consider what their position would be if something significant were to change in their lives and consider requesting flexibility in their mortgage arrangements from their bank if they need to.”
After finding a property they liked and could afford, the residents of each state varied in their next biggest concern:
Western Australia was most worried about stamp duty (11%) compared to only 2.7% of Queenslanders who rated it as a concern; Queensland (11.6%) and New South Wales (11.2%) residents were next most concerned about getting finance approved; Victorians (11.4%) said hidden costs were their biggest worry, after finding a property they could afford and liked.
Mr Kern said it was clear that for the majority of Australians buying a property was still a financial decision first and foremost.
“It’s not surprising that people are a bit nervous about such a big commitment,” Mr Kern said.