‘20 minute’ change in what Aussies want from their home

Across the country, the cost of living squeeze and lifestyle desires are dramatically altering what Australians want in a home.

Australians are heading back to cities seeking convenience and low maintenance homes, new research reveals.

There has been a significant shift in priorities since the pandemic where people left cities in droves searching for a lifestyle change and larger homes to incorporate working from home.

Research by ING bank suggests Aussie families are now prioritising convenience and smaller homes.

The research study revealed 86 per cent of families looking or thinking of buying are searching for a home in a “20-minute neighbourhood”, where services are within a 20-minute walk, drive or cycle.

It also showed almost a quarter of Aussies want to be close to a city, with one in five people saying they would opt for a home with less outdoor space.

The research also revealed 26 per cent of Australian families considered a big home too expensive in the current market

Families are prioritising “20 minute neighbourhoods” close to amenities.

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ING’s head of mortgages Fiona Prater said the data showed priorities were shifting in what people want from a family home since the pandemic.

“There’s clearly a strong sense of needing to have a local community and be near family,” she said.

“As life picks up pace, families are wanting to live closer to work, public transport and local amenities.

“Some are thinking of foregoing the large house with a garden for something smaller, if it means they can live in a 20-minute neighbourhood.”

Honor Severs with her partner Alvaro Miglierina are house hunting across Sydney, seeking smaller house convenient to transport, schools and work.

Honor Severs lives in Sydney’s northern beaches suburb of Fairlight with her partner Alvaro Miglierina and their two young children ages two and 11 months.

The couple have been house hunting for more than 18 months, searching for convenience and a smaller house as Ms Severs prepares to return to work.

“We don’t have family here so we are looking for convenience more than anything … somewhere we can walk to school, transport and not too much maintenance in the garden,” Ms Severs said.

“We’re after a smaller house, more efficient and easier to run. We have a lot more flexibility now, being able to work from home, but convenience is really important.”

With family overseas, the couple need to be close to local services.

She said the couple, who previously lived in Cronulla, had become increasingly frustrated with conflicting information around inflation, interest rates and the right time to buy.

“We hear about friends who bought two to three years ago and their mortgages are just so high,” she said.

“We were looking at Cronulla, closer to the city, but it may not be possible. We are priced out of where we want to live and are moving our searches further out. In an ideal world we want to be closer to our friends as well.”

Ms Prater said the research revealed people are being more savvy when looking for a home, and planning around spending more time with family and friends. However she said there were challenges in the current market.

Families are re-evaluating their priorities, new research has found.

ING research also showed people are keen to be close to a grocery store as well as within the catchment of their favourite delivery restaurant.

According to latest PropTrack data, Australia’s capital city median price for dwellings was at

$791,000, while Sydney’s was at $1,005,000.

“There’s no denying it’s a challenging market but what this research suggests is that people are thinking smartly about what really matters and how they can live to keep costs down,” Ms Prater said.

“The pace of family life has picked up as we’ve emerged from the pandemic and families are undeniably wanting a more efficient and balanced lifestyle

“They’re willing to sacrifice a big home to be closer to amenities, family, friends and work in order to spend more time doing the things that matter most to them with the people they care for most.

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Fiona Prater’s top tips when looking for the ideal family home

■ Set a realistic and manageable budget for the home purchase – always leave some wriggle room to ensure you can manage changing circumstances.

■ Shop around for a mortgage that suits you. For example if your goal is to pay it off as quickly as possible find a loan where you’re not going to be penalised for contributing more than the minimum repayments and one that has an offset account.

■ Consider what features the home and its location need to suit your lifestyle.

For example a low maintenance garden, proximity to work and school and within a friendly neighbourhood.

■ Be prepared to make some compromises. The perfect home doesn’t always exist but you may be able to put your stamp on it over time.

■ Spend time in the locations you like. Talk to local real estate agents, cafe owners and other families to really get a feel for the neighbourhood