Young homebuyers fear auctions

GEN Y are shying away from auctions because they simply can’t handle the pressure.

The problem is exacerbated for this generation, who prefer the safety of their smartphones and shun public speaking.

New research has found 18 per cent of Australians are afraid of buying and selling houses at auction, while for Generation Ys it’s 27 per cent.

The survey of 2017 people by comparison website Finder.com.au found that only 7 per cent of Baby Boomers were scared by auctions and 20 per cent of Generation X were worried. But Realestate.com.au chief economist Nerida Conisbee said auctions were “very intimidating,” while Rich Harvey, president of the Real Estate Buyer’s Agents Association of Australia, said auctions were a “pressurecooker environment”.