Australians spend about eight months dreaming about buying a new house before taking any active steps to purchase, new research on real estate behaviour has found.
The research by realestateview.com.au finds home-buyers then spend about 10 months, on average, actively in the market before deciding finalising the purchase.
The “dreaming” phase is when a person first considers moving house or buying property, but hasn’t started heavy researching. They are reasonably sure what type of property they want but may be undecided on the details.
The next step in the “path to purchase” is the “considering” phase. It lasts about six months, during which the person starts to look at various properties for sale.
“They are actively seeking ideas and inspiration, nutting out the details of what they want in their new home,” says chief marketing officer Paul Tyrrell. “In the considering phase, buyers are firming on plans to move in the next year, and price and repayment considerations are starting to come into the picture.”
During the “active” phase, which lasts 3-4 months, buyers narrow their choices, conducting inspections, perhaps putting in an offer and arranging finance. It’s a task-driven phase involving internet searches and information gathering.