First home buyers stressed, not sleeping over property market
First home buyers desperate to get a foot in the door of the property market are suffering unprecedented levels of stress, with disturbed sleep and their productivity at work being hit, new research has revealed.
Their relationship with their partners is also deteriorating as a result, and they often miss out on seeing friends and family as they become so caught up in the endless hunt for an affordable home.
The study, commissioned by St George Bank, surveyed 1000 first home buyers to see how they were faring emotionally in today’s market. It found 73 per cent felt stressed as a result of looking for, and trying to buy, a home, over 54 per cent had problems sleeping and nearly half had missed out at least once on purchasing a property.
Kes Lianos and her husband Leo have been stressing and losing sleep as they search for a first home. Photo: Jessica Hromas
“We just can’t over-estimate the amount of work that goes into planning and preparation for the majority of Australians when they’re buying their first home,” says Ross Miller, general manager for St George Retail Banking. “They’re spending a lot of time researching and looking for properties.
“Many of those first home buyers report declining productivity as a result, and that it’s having an impact on their sleep. They’re willing to sacrifice a lot of things during that process too, including spending time with family and friends.”
First home buyer Kes Lianos, 42, is certainly finding the whole process incredibly stressful. She’s been looking seriously, with husband Leo, 48, for a property to purchase for the past seven months. With their first child on the way, the hunt has become even more nerve-racking.
First home buyers are desperate to get a foot in the door, but it’s no easy matter. Photo: Erin Jonasson
“Every day of every week, I spend searching, searching, searching,” says Lianos, a cafe worker in Sydney’s Potts Point, who lost out on her intended first purchase when a block of land was withdrawn from sale at the last moment. “I talk about it all the time too. It’s very stressful. Sometimes I think I’m going crazy with it.
“I research every step constantly, what to do with the banks, government subsidies and the properties themselves. I started looking at apartments in the city but now, with the baby coming, I’m looking at houses with backyards in places like Penrith. I think it is a real battle.”
With some first home buyers reportedly searching for the last three years without success, the toll can be heavy. Leading psychotherapist Brandon Srot says out-of-control stress levels over long periods of time, when they’re not being dealt with well, can lead to serious illness.
“Stress can be a real motivator and driver but, if it’s not managed well, it can be dangerous,” he says. “That is often a very fine line to straddle.
“Becoming overwhelmed by it can have an impact on your health, and it could lead to some people making rushed, erratic decisions around buying a home.”
That’s probably harder today than it’s ever been, with record low interest rates bringing investors back into the market to compete for the same properties and a chronic shortage of homes for sale. The scarcity is particularly at the first home buyer price point, says Belle Property Randwick agent Brooke Marshall.
“It’s definitely much tougher for them at the moment,” she says. “To hear they’re suffering such high stress levels doesn’t surprise me; a lot of them have been looking for a long period of time and prices have gone up dramatically in that time.
“Rents have also risen, and many have been to half-a-dozen auctions without success. Some have been looking for three years, and still haven’t found anything.”
The St George study, conducted by Pure Profile, found 71.8 per cent of first home buyers became emotionally invested in the process of buying a property, 25.3 per cent found their work suffered, 22.1 per cent had their relationship hit, 45.9 per cent missed out on catching up with friends and 34.3 per cent missed out on visiting family.
How to beat the first-homer stress
- Set a budget – it might be tempting to overbid when you find a property you love, but avoid spending more than you want to by having a price range in mind, says St George’s Ross Miller.
- Seek out experts who can help, with knowledge about the market and advice on the right products, whether that’s with St George or another bank or mortgage lender.
- Try to take at least 15, 10 or five minutes of quiet time for yourself, advises Brandon Srot. That might be for a cup of coffee, a walk or a phone chat with a friend.
- Work out a good way to de-stress for yourself – a gym session, colouring-in, anything. Srot says at the start of the exercise set the intention that this is expressly turn-off time as research has shown that can lead to a better outcome.
Source: www.domain.com.au/
