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A new report from Domain delves into what’s motivating the decisions that buyers will be making in the months ahead.
According to a survey conducted by the listings portal, owner-occupier property hunters may be less concerned with certain investment fundamentals and more invested in how their home supports their social life during what is expected to be a busy spring.
However, the factors that buyers consider most important to a social life definitely differ depending on age.
Proximity to family is a particularly important element overall for Australians, with 16 per cent listing it as a top priority. For Baby Boomers, 27 per cent ranked it as important, while 33 per cent of the Silent Generation said the same.
Only 8 per cent of those surveyed said they would be willing to compromise on their proximity to pubs and cafes – showing that the draw of social spaces remains strong.
For Generations X, Y and Z, their priorities focused more on the types of home that would better accommodate growing families.
Gen Z said they wanted a home with more bedrooms, with 18 per cent naming it as a reason to move, while 14 per cent listed proximity to work as a motivator, with 14 per cent hoping for a shorter commute time.
Millennials and Gen X both said they would prioritise a freestanding home, with a third of those cohorts both selecting it as an important element, while Millennials were more concerned with the backyard and number of bathrooms, and Gen X wishing for a quieter street and a more functional floor plan.
Domain’s property editor Alice Stolz stressed how personal property decisions are, and noted that from the latest results, Australians seem to be driven by family and lifestyle factors.
“Whether it’s a spare room for the baby you’re dreaming of, a faster commute so you can achieve that elusive work/life balance, or a local pub with a great steak night, we all have evolving priorities that increasingly we’re open to compromising on to make these priorities a reality,” Stolz said.
Overall, she noted that Domain’s new data revealed a shift in priorities, with lifestyle and social connections fast becoming key factors in the home-buying decision.
“Perhaps the biggest indicator of this is that more Australians, on average, would prefer to trade up to be closer to their family and friends when buying a house compared to buying a property that will give them bang for buck with higher investment yields,” she noted.
Of course, that’s not to say that more fundamental factors of a home will not be high on buyers’ minds this season.
Stolz also noted that by and large, everyone said they would like a bigger home, in a good location.
“Location, bedroom count, and home size are undoubtedly still important considerations for Aussies when it comes to buying a home, but Domain’s new research shows that people are also placing greater weight on other property elements that bring benefit to their own unique lifestyles,” she commented.
When it comes to what they are willing to compromise on, Aussies are more prepared to trade off on home elements like character features, modern builds, and spaces that enable working from home.
The property elements that they are least willing to let go of, however, are a matter of making life more efficient – very few said they would give up a garage or off-street parking, a functional floor plan, or efficient commute.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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