How COVID has changed the way Aussies view home ownership
COVID-19 is driving a permanent shift in how we are choosing our homes and reversing a previous trend that had defined the market for years, property mogul John McGrath reveals.
The COVID-19 pandemic will drive a permanent shift in how Sydneysiders choose their homes, one of the country’s top real estate industry figures has revealed.
Industry veteran John McGrath, founder of McGrath Estate Agents, said the pandemic has given households across the country a pause for reflection.
“This virus has prompted many to reassess their lives and make new choices for the future,” McGrath said.
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“There’s zero doubt that the pandemic will cause sectors of the population to adjust their way of thinking and behaviour forever.”
Work from home arrangements will drive the biggest change, with the traditional “Aussie dream” – a lifestyle on a quarter acre block – becoming popular again. This trend had defined the housing market in the decades up to the 1990s, he said.
“We can now live in our ideal lifestyle location and enjoy an effective work routine without the stress-inducing travel,” Mr McGrath said.
“Moving forward, many people will cease their daily commute and jump on the cyber highway after a morning swim at the beach.”
The trend has also been observed by demographer Bernard Salt, who said COVID-19 has triggered a “Risorgimento” of Australian life.
Work from home employees and business people would follow in the footsteps of their 1950s forbearers and revert to the great suburban dream.
This would put the family home on a quarter acre block in the spotlight again, Mr Salt has noted.
The inner west suburb of Haberfield was a prime example of how such buyer appetites shaped Sydney, according to the McGrath group’s annual “McGrath Report”.
Haberfield was Australia’s original ‘”model garden suburb” and was designed to be a healthy environment away from the inner city and industrial precincts but connected by efficient transport.
The design included minimum lot sizes to ensure ample separation between houses, one street tree in front of every property, wide streets and cottages surrounded by greenery.
This model was replicated in suburbs such as Hunters Hill and Brisbane’s Paddington, the McGrath Report revealed.
“Despite our country’s wide open spaces, we have been crowding close together in high density housing in our major cities … due to the virus, Australians are valuing the safety of space more than ever before,” the report said.
A recent Westpac poll showed 77 per cent of Aussies now prefer houses, with backyards and outdoor entertainment areas especially valued.
Riverview homeowners Charmian Grove and Andrew Meagher have the kind of house becoming more popular during the pandemic.
Their four-bedroom house abounds with internal space, has an entire floor devoted to a “parents’ retreat” and was recently renovated. Other inclusions are the remote-controlled fireplace, walk-in wardrobe, pool and location surrounded by nature.
“We have kayaks at Burns Bay, which is just down from us. It’s a wonderful spot, our summers have been wonderful,” Ms Grove said.
The pair are selling up to downsize and will be taking their house at 4 Aminya Pl to auction on November 14 with Belle Property-Lane Cove agents Simon Harrison and Kim Walters.
Ms Grove said there have been strong numbers through the open for inspections. “It seems to be tracking well,” she said.
Originally published as How COVID has changed the way Aussies view home ownership