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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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The mental impact of buying a home

By Cameron Micallef

October 15 2019
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Invest

The mental impact of buying a home

By Cameron Micallef
October 15 2019

While the “Australian dream” might be to own a home, one in two Aussies is feeling the mental and emotional stress from trying to enter the market, it’s been revealed.

The mental impact of buying a home

By Cameron Micallef

October 15 2019
Share

While the “Australian dream” might be to own a home, one in two Aussies is feeling the mental and emotional stress from trying to enter the market, it’s been revealed.

Allianz has conducted research which showed 55 per cent of those surveyed said they would rather stay in their current home longer instead of starting a buying process for another property because of the impact it would have.

According to Rachael Poole, general manager of home and lifestyle at Allianz Australia, buying a property is one of the most stressful life events for Australians.

But there is light at the end of the tunnel for buyers, she said.

“While this stress is understandable, know that it should be reasonably short-lived, with half of people purchasing their home within six months of beginning their search for a home.”

The Allianz research found Aussies are choosing to talk to family and friends (42.8 per cent) and re-adjusting their expectations (25.5 per cent) to lower their stresses that are related to home buying.

For Allianz’s wellbeing advocate, Dr Sarah McKay, this adjustment of expectations is a positive action on the part of home buyers who are looking for coping strategies.

She noted that human brains are wired to make emotional connections.

“We are social creatures, so connecting with family and friends throughout the buying journey can help alleviate stress,” Dr McKay said.

How can you manage stress along the way?

The wellness advocate has provided five tips for managing the stress of purchasing a new home.

1. Re-think your stress response – see the positive in the challenge that may be causing stress; for example, a beautiful home for the family at the end of the buying process.

2. Build your tolerance for uncertainty – the practice of tolerating a small amount of uncertainty is similar to building a muscle. The doctor said you can practise this by letting someone else choose your dinner from a menu or spending a day without researching real estate listings.

3. Connect with others – moving is one life event to which most people are able to relate. Even if you feel you lack time or mental energy to socialise, Dr McKay advocates for having a coffee with a friend, asking someone to help pack crockery, or letting yourself cry on a supportive shoulder over a dream home being lost in an auction.

4. Practise gratitude – counting your #blessings is not just for the Instagram fans. Mental health researchers will tell you that the practice of directing your attention towards the good matters in your life and feeds positive emotions.

5. Finally, let yourself grieve – Dr McKay said it’s okay to let yourself feel the impact of not getting the house you wanted.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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