More Australians, especially those under 35 years of age, are looking to own a home in the next five to 10 years, says the latest property survey by Stockland.
The research study from one of Australia’s largest residential developers also reveals that smaller homes, sustainable design, affordability, access to public transport, community living and low maintenance features are some of the expectations of these future home buyers with many even willing to move interstate to find the perfect home.
According to Stockland’s 2020 property survey, over 40 percent of the respondents are planning to buy their own property in the next five to 10 years, with the vast majority (93 percent) of purchases to be made by those under 35. Though freestanding homes were still preferred by most, the survey revealed that there was higher acceptability of townhouses/ semis compared to seven years ago.
Top findings of the survey:
36 percent are considering a move interstate, and 44 percent of respondents in NSW are specifically looking to cross borders for reasons such as better lifestyle (57 percent), better job opportunities (42 percent) and lower price (32 percent).
Smaller homes, better community spaces
Over 60 percent would prefer a smaller home with less outdoor space to a traditional large backyard if it allowed them to be better connected to neighbours, and also have access to community parks and green spaces. Respondents aspired for a dream community that included more walking paths, gardens and recreation spaces, and fewer roads for better health and wellbeing.
54 percent of the respondents prioritised sustainable and environmental features in their new homes with 22 percent stating the purchase of ethical and sustainable items for their home was important. 25 percent sought automated recycling in their future home, with those over 55 years the most excited about the prospect.
Stephanie Vanin, general manager residential sales at Stockland, says, “It’s great to see that home ownership remains a key goal for Australians with many starting 2020 with increasing optimism around achieving this. Purchasing your own home is still seen as a sense of security for many Australians and this won’t change anytime soon.
“With 24/7 technological connectivity and busy lives, people are increasingly looking for low-maintenance homes located within communities that offer great amenity, social connectivity and physical closeness with their neighbours and wider community.”