No.1 thing Aussies want in a home

Forget a stronger financial footing – Aussies’ housing plans are being increasingly motivated by a desire for two key property features.

This is the No.1 thing Aussies want in a home. Picture: Britta Campion / The Australian

Australians’ housing plans are increasingly being motivated by a need to be in new surroundings with more space rather than remaining in the communities where they grew up or currently live.

And home seekers are flagging their need for space and a new location as more important than any potential value increases they may get on their property.

Westpac’s 2024 Home Ownership Report revealed wanting to live in a new area was a key driver of housing plans for nearly a quarter of Australians.

This was well up on the 16 per cent of Aussies reporting the same motivations for buying back in 2021.

Back then, the country was at the height of a record shift to outer suburbs and regional areas, spurred partly by the Covid pandemic and lockdowns.

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Relocating to an area with more space is getting more popular.

Demand for regional real estate has since dropped, but the motivation to move to different areas has remained strong.

Westpac reported the desire to move to a new area was also a driver for one in three Australians that moved home in the past three years.

Three in four Australians (76 per cent) preferred suburban life to being near the CBD (13 per cent).

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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 – represented the most Australians on the move, with over half having moved within the last three years (Gen Z: 55 per cent, Millennials: 54 per cent).

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Their motivations for moving were shifting, according to Westpac managing director of Mortgages Damien MacRae.

“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.

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Peaceful surroundings were one of the top preferences for new buyers.

Westpac’s study revealed buyers cared more about space than investment potential.

“The need for space is also outweighing investment potential in the decision-making process.”

Westpac noted that preferences that were on the increase were a spare bedroom (+4 per cent), deck or veranda (+4 per cent) and extra space for the family to grow (+2 per cent).

Originally published as No.1 thing Aussies want in a home