Aussie housing plans are surprisingly forgoing financial gains for these two key property features.
Is it a backyard pool for the steamy summer nights? Or a kitted-out kitchen fit for a world-class Sunday roast?
Think again. Homeowners across the country are saying the two things they’re willing to fork out a bit extra for are actually a change of scenery and a bit of extra space above any other futuristic features in a modern home.
Westpac’s latest Home Ownership Report revealed that home buyers rank a need for bigger blocks and a new location as their top priority when looking for a property – even above any potential gains they could find from the market.
Among the most sought after additions were a spare bedroom (up four per cent), deck or veranda (up four per cent) and extra space for the family to grow (up two per cent).
This surprising sentiment is well up on the 16 per cent of Aussies that wanted to move back in 2021 when lockdowns spurred the country into a record shift to the outer suburbs and regional areas.
Demand for regional real estate might have dropped since then, but it’s clear the motivation to move outside of increasingly pricey city limits is alive and well as one in three Australians cite it as their reason for buying a home in the past three years.
In 2024, three in four Australians (76 per cent) actually said they preferred suburban life to being near the CBD (13 per cent).
For Australians looking to move to a new area, the leading consideration is looking for peaceful and quiet surroundings (58 per cent).
Younger generations – Gen Z and Millennials – made up the majority of Australians on the move, with over half having moved within the last three years (Gen Z: 55 per cent, Millennials: 54 per cent).
This is a sharp course correction from earlier this year when research by Westpac saw younger Aussies forgoing location and everyday luxuries to get a start on the property ladder.
After calling younger home buyers “ruthless” in their attempts to snatch up a bit of land only four months ago, Westpac managing director Damien MacRae said it was clear motivations were changing.
“We’ve seen a strong increase in Australians wanting to buy in or move to a new area over the past three years as homeowners seek more space and peaceful surroundings,” Mr MacRae said.
“The need for space is also outweighing investment potential in the decision-making process.”
