INDUSTRY NEWS

Gaps identified in Perth Homebuyers knowledge

June 13 2016
Gaps in first home buyer knowledge

New findings from Commonwealth Bank expose large gaps in Perth home buyer’s basic knowledge of the WA real estate market.

A survey of 1000 Australian home-buyers by the Commonwealth Bank has revealed Perth buyers are falling behind other states when it comes to knowing simple market facts.

Just 18 per cent of surveyed Perth househunters were aware that there was an interest rate change since last year, with only 28 per cent correctly identifying the median dwelling price for their city.

Realmark agent Lachlan Sinclair said he was surprised by the results, but conceded most WA buyers were driven by emotion when it came to purchasing a home. “While there are buyers who are very sophisticated, when people are buying their own homes, often there’s that emotional attachment driving them,” Mr Sinclair said.

Key areas where Perth home buyers fell behind

Gaps in Perth Buyer knowledge

Source: Commonwealth Bank

Commonwealth Bank Executive General Manager of homebuying Dan Huggins said the results stressed the importance of research before buying.

Read more about Perth homebuyers falling behind with basic real estate facts.

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