Research from ME Bank shows the lack of inspection time led to 61% of Australian home buyers discovering issues with their property after moving in. 

The survey of 1,000 property owners found around a third of property buyers failed to arrange a professional building and pest inspection.

Roughly 40% of this group said they missed picking these up issues because they lacked the skill or experience in inspecting the property, while 33% simply overlooked the issues, and 18% were impatient and concerned about rising prices.

Among owners who identified issues:

  • 84% spent money fixing, replacing or improving the issues identified, or have plans to do so.
  • 58% would have paid less for the property had they discovered the problems earlier.
  • 34% experienced a degree of 'buyers' regret' following the purchase.

ME General Manager, John Powell, said emotions are always involved when purchasing a home, which can cloud judgement.

"Give weight to any niggling hunches that give you cause for concern and get a professional property inspector to do the looking for you," Mr Powell said.

"It is also important to know your borrowing capacity in advance so you can buy your home with full confidence knowing you’ve got solid financial backing."

Among this group, 65% said real estate restrictions impacted their ability to inspect and purchase their property.

Aussies willing to buy sight unseen

Research from the Real Estate Buyers Agents Association (REBAA) found 30% of buyers surveyed would risk buying without physically inspecting a property in person.

REBAA's 2021 'Barometer Survey' surveyed 745 homebuyers and investors nationally, and found many were willing to buy sight unseen to get a foot in the door.

President of REBAA, Cate Bakos, warned prospective buyers of the dangers of not inspecting a property before purchasing. 

"It’s alarming to think that people are basing the biggest financial investment decision they're likely to make in a lifetime on a video and a few photographs that may or may not be showcasing the property's flaws," Ms Bakos said.

"We are concerned at this level of apathy and warn buyers that while new technologies have made it easier for home buyers and investors to assess property - it's risky business to invest based on technology alone.

"It might look good in the video and photographs but there may be a number of serious flaws that aren't showcased by the selling agency."

In March, director of buyers' agents EPS Property Search, Patrick Bright, said it wasn't uncommon for overlooked issues to cost in excess of $100,000 to remedy.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
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5.99% p.a.
5.90% p.a.
Principal & Interest
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  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Image by Paige Cody via Unsplash

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