How long do first home buyers spend in the home buying process?
According to Finder's latest research, 8% of first home buyers spend more than two years on the home buying process.
Buying a home is indeed a lengthy experience for many Australians, where nearly 1 in 5 (18%) first home buyers spend a year or more on the home buying process.
Ms Sarah Megginson, money expert at Finder commented:
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"The market is cooling and competition is easing off slightly, but it can still be daunting to go to inspections and auctions where you have several interested buyers.
It’s a house, not a pair of pants – so you have to really make sure it fits before you sign.
You’ll be stuck with it for a while, and you don’t want buyer’s remorse to sink in after it's too late."
- 2 in 5 first home buyers (39%) take between 3 and 6 months on the whole process, while a quarter (26%) spend 3 months or less.
- Women (22%) are considerably more likely than men (13%) to have spent more than a year on the home-buying process.
- Of the generations, Gen Z is the quickest buyers, with 30% taking 3 months or less, compared to 28% of millennials and 17% of Gen X.