Fussy first home buyers demand big backyards and high showerheads
First home buyers are making the already difficult task of finding a suitable home even harder with overly fussy “wish lists” for what they demand in properties.
Nearly half of those surveyed in a recent bank poll revealed they would walk away from a deal if they didn’t like the height of the showerheads in bathrooms, while close to two thirds of first home buyers wanted a view.
Other preferred attributes for roughly half of buyers was a location near sporting facilities, while 42 per cent wanted to be close to food delivery options, according to St George’s Spring-Time Housing Survey.
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More traditional buyer priorities were also high among the preferences of the majority of first home buyers, who revealed backyards, quiet roads and extra wardrobe space were also “non-negotiables”.
St George Bank general manager Ross Miller said first home buyers were becoming more discerning as interest rates have dropped and their prospects of purchasing a home improved.
Nearly three quarters of all first home buyers surveyed said they were confident about purchasing in current market conditions, he said.
“We are certainly seeing that first home buyers are being picky and approaching their home buying journey with a very clear idea of the features they want and don’t want,” Mr Miller said.
“At the moment, we’re in a period of historic low interest rates which is making it a prime time to buy.”
PK Buyer’s Agency director Peter Kelaher said first home buyers had become more discerning because of the slower market over the last two years but those who continued to have this attitude next year would be in for a “shock”.
This was because of the government’s scheme to allow first home buyers to purchase with only a 5 per cent deposit and without mortgage lenders insurance from January, which will ramp up demand from first home buyers, Mr Kelaher said.
“You could have played the game and got away with being very selective in recent years, but next year if you’re too discerning with properties one week you may have to accept something worse the next week because there will be more competition.”
Roshit Ravaindran, 34, and partner Deepthi Vinod, 30, said there were multiple property attributes they considered “non-negotiables” when they were seeking out their first home.
They wanted a window in their kitchen and two bathrooms, but no bathroom could be near the entrance of the home. There had to be a backyard, but it couldn’t be “too big or too small” and they didn’t want to be near a school, Mr Ravaindran said.
“We were picky in the sense that we weren’t prepared to compromise on those features, but we did change our location many times,” he said, adding their strong preferences prolonged their search for a home to one and a half years.