Property obsessed 

On a global standard, Australians are more property obsessed than most other nations. 

The Australian dream is owning your own home. 

This is not the case in other parts of the world. Berliners and New Yorkers are very happy to rent. 

Property in Australia is aspirational. Most people want a bigger, better, nicer home. 

Otherwise happily married couples will literally put their marriage on the line and indebt themselves up to their eyeballs just to add an extension and swimming pool to their already very comfortable and big enough home.

Real estate is the bedrock of most Australian’s financial freedom, and, along with the weather and sport, it is one of the major conversational topics at any kid’s birthday, school reunion or office water cooler.

But why?

I think it’s because we have so much skin in the game. 

Housing debt in Australia is one of the highest in the world, per capita. We have some of the most “unaffordable” housing in the world. 

Apparently one in four people in Victoria work in property, or a job that somehow relates to property. 

I get that this is a vague statistic, which sounds hyperbolic, but if you consider all the property related goods or services, from the materials, supply, construction, sale, advertising, insurance, finance, etc, that all feed the juggernaut of property, it could well be accurate. 

Many people’s livelihood depends on the property industry. 

But there can be a downside to this obsession with property. 

It makes us view property mainly as an investment vehicle or asset. It makes us fixated on property prices and growth. 

Our perceived or real wealth is directly tied to property values. 

And by extension, it can allow us equate our (financial) wellbeing and identity with how big, nice and expensive our house is. 

But a house isn’t just an investment or an asset. 

A house is a home and a home is a retreat, a refuge, a place to feel safe, and a physical space of your own to experience life and hopefully create joy and fond memories. 

As a vendor, buyer or real estate agent it is very easy to get swept up in the transaction – and particularly in the price or “value”.

We pay so much heed to what something might be worth or should be worth or how it compares to this place or that. 

We forget that sometimes price is secondary to the underlying motivation or need.

I spoke to a client today who was telling me about finally finding her dream home after years and years of searching. 

She felt that she had overpaid but didn’t care, because for her, it was a once in a lifetime opportunity that she just couldn’t miss. 

No amount of cash will bring you as much joy as waking up every morning in a house that you love.

Hopefully we can help you find your dream home too!