Home News Why Sydney buyers tend to let perfect homes slide

Why Sydney buyers tend to let perfect homes slide

Font size :

Sydney buyers are overwhelmed with choices.

Sydney buyers may have been missing out on the perfect home as they constantly search for better properties in a market packed with many options.

A report for The Daily Telegraph reported that Sydney buyers are "spoiled for choice", with over 28,000 properties to choose from. Citing CoreLogic, the report said there is a 22.5% increase in property listings over the past year.

The overflowing properties in the market are seen to be detrimental for indecisive buyers, creating a phenomenon some industry watchers have dubbed the "Tinder effect".

Ray White Drummoyne's Chris Wilkins said potential buyers are rejecting properties straight away based on what they read online. He explained that in order to get a real connection with a property, buyers need to have a "first date" with a home, viewing the property up close to create a deep and personal connection.

"When you first see a property you get to understand the physicality of the home; how big the rooms are, where they are located, the height of the ceiling. Ultimately we talk about our gut feeling but you will never get that if you don’t walk through the front door," he told The Daily Telegraph.

He added: “You might read reviews for a hotel or restaurant online but how do you know what they are really like until you are there — it’s the same with a home.”

Social commentator Lauren Rosewarne had the same view, adding that some people become nitpicky when presented with a wide range of choices.

"People have a list of wants that doesn’t always match up to the search tools available, so we do the default and just look at pretty pictures. We think we will know the one, whether it’s a partner, house or apartment via our first impression of a little thumbnail," she said.

This phenomenon may have affected clearance rates in Sydney, which, over the past weekend, have fallen to 49.2% from a robust 64.9%.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

ANZ plans ramping up investor lending ANZ plans ramping up investor lending

The bank's home lending was almost flat due to the decline in investor loans Read more

Foreign buyers are ditching Australia's housing market Foreign buyers are ditching Australia's housing market But one state remains a bright spot for foreign property investment ... Read more

Going to the bank or meeting a broker? Going to the bank or meeting a broker? Both can help new home-owners in securing a loan, but which one will hand down the best deal? ... Read more

How to approach a 'honeymoon' rate How to approach a 'honeymoon' rate The first year of a home loan is considered to be the most stressful, but will a temporary discount help you get ahead? Or trip you up in the long-run? ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Feb 20, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords