A CommBank survey found that most would-be buyers are spooked by overestimating the costs.
The research also revealed many Australians have a limited understanding of what they can borrow and afford.
Just over half of respondents (55 per cent) could identify what factors could potentially affect their borrowing power, such as credit card limits, monthly living expenses, annual income and savings.
Dan Huggins, Executive General Manager of Home Buying Commonwealth Bank, said: “Discussing the local property market is a national pastime but these results show that, even for those actively looking to buy a property, perception can be different to reality.
“Home buyers need to do their research so they can enter the market with confidence.”
This research coincides with the launch of the new CommBank Property app on Android and iOS, which provides everything Australians need to find and buy a property that’s right for them.
The free app can help potential buyers discover how affordable a property could be, search for properties that suit their lifestyle based on their financial position, assess the property’s estimated market price and when they are ready, take the first steps to apply for a loan by applying for conditional eligibility or making an appointment with a home lender.
The property app also allows home buyers to:
• View CommBank estimated market prices, based on multiple data sources, to help assess a property’s potential market price – even if it’s not for sale.
• Access relevant tips and articles to guide them along the way, as well as recent local sales history, capital growth, median prices and much more to help them assess a suburb’s performance.
“We know people use a variety of resources to inform their purchasing decisions such as websites, real estate agents and their friends and family. The CommBank Property app provides all the information and insights in one place, anytime, anywhere,” says Mr Huggins.
“Using multiple data sources to provide more informative data and estimated market prices, the CommBank Property app is a truly integrated property app solution which provides potential home buyers with the confidence they need.”