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1 in 5 first home buyers take a year or more to buy - featured image

1 in 5 first home buyers take a year or more to buy

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.

Time Spent On Home Buying Process

Ms Sarah Megginson, money expert at Finder commented:

"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."

Other findings:

  • 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.

About Leanne is a highly experienced Buyers Agent in the Brisbane Real Estate market. Leanne became a passionate lover of property in 2001. Since then, both professionally and personally, she has been involved in all aspects of property including purchasing, negotiating, renovating, and selling.
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