Feature article
Kiwi house hunters making a near $30,000 a minute decision
A new survey from Trade Me Property's revealed some surprising open home behaviours of Kiwi house hunters.
Thinking of buying a house in New Zealand? A new survey from Trade Me Property has revealed some surprising open home behaviours of Kiwi house hunters, from how much time they spend at viewings to peeking in bathroom cabinets and family photos.
The average open home time and what it costs
According to our survey of over 1,000 people who have attended a viewing in the last two years, those who were seriously considering a property spent an average of 28 minutes at an open home.
Trade Me Property figures show the average asking price for a property in Aotearoa in June was $829,650. This means the time spent deciding to buy works out to be a staggering $29,630 a minute.
Gavin Lloyd, our Property Customer Director, says the findings are eye-opening.
“Purchasing property is a huge decision and likely the biggest financial one people will make,” he says. “But you could spend longer listening to The Beatles’ 'A Hard Day’s Night' album or watching an episode of 'Shortland Street' than some do at an open home for a place they wish to buy.”
The emotional rollercoaster of buying a home in NZ
Our survey found that nearly a quarter (23%) of recent buyers visited more than 20 open homes before making a purchase. What’s more, 59 per cent of people admitted to feeling an emotional attachment to a property.
“Finding and buying a home is as much an emotional journey as it is a financial one. There are many feelings tied up in the process, from the excitement of finding 'The One' to the stress that can come with making a significant investment - it can be a rollercoaster,” Gavin adds.
What are Kiwi buyers looking at during viewings?
Our survey revealed some common open home habits:
72 per cent looked inside wardrobes.
69 per cent checked out cupboards and drawers.
58 per cent tested the water pressure.
39 per cent peeked in bathroom cabinets.
14 per cent spent time looking at photos and personal items on display.
“More than half admitted to paying a fair to great amount of attention to cosmetic features such as the colour of walls, flooring and other surfaces,” says Gavin. “This was a bit surprising given these features aren't permanent and can be easily changed to suit a buyer's taste.”
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