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While the “must have” features buyers value in their dream property have shifted over time, the “great Australian dream” of home ownership is very much alive and well, according to recent research from LJ Hooker.
A recent survey from LJ Hooker has revealed that 74 per cent of Australians aspire to purchase and own their own home.
The data showed that home ownership ambitions were driven by younger generations, with 96 per cent of Generation Z respondents aiming to purchase a house, followed by Generation Y at 83 per cent.
Additionally, 79 per cent of the total respondents viewed property as a “sound investment”, with 93 per cent of the Silent Generation expressing strong agreement, followed by 84 per cent of Generation Z.
LJ Hooker’s head of network Australia, Chris Keating, said the results show that the desire to own a house has remained a foremost ambition for Australians across the nation.
“Home ownership remains a powerful driver, with most people seeing long-term stability in real estate,” Keating said.
Outdoor spaces falling out of favour
The survey results showed that people’s needs and expectations for house features have changed over time, with 48 per cent stating that having a lawn or garden is no longer necessary when buying a property.
While Keating acknowledged that affordability has influenced this outcome, he said that this shift is also indicative of the changing lifestyle of Australians and the broader notion that there is “not just one type of property that is aspirational anymore”.
“Australians love their outdoor space, but not everyone has the time to maintain a lawn or garden,” Keating said.
“A large segment of the market is looking for easy living without the upkeep, so we need a diversity of housing to cater for everyone,” he added.
Conversely, 70 per cent of respondents stated that the absence of air conditioning in a property would be the biggest drawback when buying a home.
Similarly, 39 per cent said lack of ceiling fans would also be an obstacle when purchasing.
Energy efficiency, an emerging priority
Sustainability and energy efficiency emerged as increasingly important considerations for buyers.
In total, 76 per cent of respondents prioritised proper housing insulation, and 73 per cent favourably ranked solar panels.
The survey also showed that 59 per cent of respondents held water-saving systems and proper double-glazed windows as essential eco-friendly house features.
Keating shared his belief that “rising energy costs” have led to the surge in demand for sustainable features among home buyers and investors.
“As more people embrace ecofriendly living, demand for green properties will keep growing, making them highly marketable,” Keating said.
Dream homes differ between generations
When respondents were asked about the features they wanted the most in a dream home, the fixtures varied depending on the generation the respondent was from.
Elements such as indoor and outdoor entertaining areas were favoured by 63 per cent of Baby Boomers and 61 per cent of Generation Y respondents, compared to 44 per cent of Generation Z respondents.
On the other hand, 48 per cent of Generation Z respondents said their dream feature would be a home gym, compared to 25 per cent of Generation Y respondents and 11 per cent of Baby Boomer respondents.
Affordability issues holding buyers back
Despite these strong aspirations, affordability issues emerged as the biggest hurdle to property ownership, with 97 per cent of respondents identifying prices as one of their top three challenges when buying a property.
In addition, 71 per cent of respondents stated that maintaining a regular and stable income was a challenge, while 70 per cent cited mortgage repayments as a barrier to stepping onto the property ladder.
Keating noted that these challenges have spurred many younger generations to look for other ways to enter the market, such as using first home buyer grants, seeking parental support, or engaging in “rentvesting” to build equity towards a future dream home.
“Paying off a mortgage takes determination and dedication, and even though it is not always an easy path, people want to turn their home ownership dream into a reality,” he said.
Despite these obstacles, LJ Hooker noted that the aspiration for home ownership is alive and well, and beyond being a financial investment, is an enduring symbol of stability and security which enables home owners to create their sanctuary.
“Property provides people with financial security and the knowledge that they can build equity over time which drives investment,” Keating said.
“More importantly, owning their own home allows families to build connections with their community and foster a sense of belonging,” he concluded.
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