Commitment. It’s a big word which has some of us running for cover. While we’re not talking about the ‘M’ word, we are talking about the ‘P’ word – “property”.
Over the last 12 months, there has been a buyer’s market in Australia and those conditions have led to a new breed of commitaphobe – those who don’t want to buy now just in case something better is just around the corner.
Two weeks ago we read about David, who after months of looking for the perfect property found himself unable to make an offer when it was time to lay his cards on the table.
Sydney property owners Matthew and Marie Johnston put their home up for auction in November, where it was passed in (as they had expected given the health of the market in their area of the lower north shore).
The next day they received an offer, which almost reached the figure they had been aiming for.
“The offer was a good one, but the buyer had a number of conditions including a longer settlement which we agreed to,” Marie said.
“He then came back to us and asked if we would rent it to him for a few months before the settlement went through, which we also agreed to.”
However, the buyer has delayed them even further by not signing the contract, blaming the festive season for his tardiness.
“We’ve set a deadline for him and if he doesn’t make it, the house will go back on the market,” she said.
“It’s like he is keeping our property in his pocket, and he is probably on the lookout for something better at the same time. It’s extremely frustrating for us.”