Energy Bills Are Becoming a Homebuyer’s Concern

Author
YNM Real Estate
Date
19 December 2021
Category
News

Australians have been concerned with rising property prices. The real estate industry has witnessed significant inflation over the last eight years. And now, homebuyers across the country are becoming concerned about energy bills, which make a difference to the monthly bills.

Per a recent survey, around 73% of Australians are worried about the cost of living or the daily living costs and 66% are concerned about rising energy costs. This is a staggering number. For a country that has no scarcity of power and a deregulated industry that allows some players to offer cheaper tariffs, this is certainly surprising, if not unexpected.

A majority of Australians are discomforted with increasing unemployment and many are bracing up for unemployment. The same survey has revealed that 53.6% are worried about unemployment and 43.8% are worried about not enough retirement savings or superannuation. This survey was conducted by Aussie and considered responses from a thousand people.

The people surveyed expressed concern about the country’s debt and one out of every five respondents said that the current home prices were unaffordable, the recovery of the housing market was slow and that the economy has not been growing as it should to make buying homes more affordable for the average salaried or employed citizen.

There are lots of signs of concern here and energy bills are certainly one of the more significant ones. With rising energy costs, buying and owning a house is becoming more challenging. In any case people have started to opt for group loans, many first time homebuyers are looking at collaborative purchases and sharing common amenities. With further rise in home prices and the energy bills taking a chunk out of one’s monthly income, the mortgages will become further unaffordable.

Energy prices are unlikely to come down anytime in the foreseeable future. Over and above cost, however, should be the environmental concerns around high energy bills – be sure that your home is energy efficient.

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