Research from the Real Estate Authority (REA) has confirmed property transactions can be high-pressure and extremely stressful. More than 50% of New Zealanders say they lack the knowledge and information they need when trying to buy and sell property
The REA-commissioned Nielsen survey found that many people thought property transactions were confusing and that it was difficult to find reliable information. 55% said they lacked knowledge about the end-to-end process.
REA chief executive Kevin Lampen-Smith said this lack of knowledge means buyers fail to do the appropriate due diligence when purchasing a property, exposing themselves to significant risks.
Lampen-Smith said the research shows a need for independent and comprehensive guidance on all aspects of buying and selling property. He said a new REA-backed website, settled.govt.nz, will help fill the gap.
“Buying or selling a property is one of the biggest financial decisions people will ever make.
“Settled.govt.nz is an interactive resource with impartial and clear information to help them feel more confident and make better decisions.”
Lampen-Smith said a lack of clear guidance could be partially responsible for the results of a second survey, which showed that 53% of potential buyers had problems when making an offer on a property.
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