Backyards, budget and safety are the top priorities for Australian home owners.
A backyard is an essential feature of a home, according to 51 per cent of Australian home owners.
A study commissioned by Westpac looks at the various attributes of a home and its surrounds and how they are valued by home owners. The findings are summarised in Westpac’s 2016 Home Ownership report.
When choosing a neighbourhood, 66 per cent of those surveyed said safety was important.
Staying within budget was considered the most important factor (80 per cent), up five percentage points since 2015, probably reflecting how escalating prices are stretching the budgets of most Australian.
Aesthetic features, such as a designer kitchen or bathroom, are mostly seen as ‘nice to have’. Since 2015, these features have dropped in importance to home owners by nine percentage points and seven percentage points respectively.
Chris Screen, Westpac Group Head of Home Ownership, said when Australians buy a home, they are buying into the idea of the lifestyle that comes with the home.
“Our research indicates that in an increasingly competitive housing market, budget conscious home buyers are prioritising the enjoyment and lifestyle a particular home could bring. This may be through choosing a home with a backyard that has space to play in, or one in a safe and friendly neighbourhood,” he said.
Those surveyed said that when deciding on an area to buy a home, the most important considerations were safety (66 per cent), quiet (55 per cent), and access to public transport (39 per cent). The second most important considerations were the home’s proximity to work (26 per cent), educational facilities (25 per cent), parks and/or recreational facilities (25 per cent), and family and friends (21 per cent).
The research also showed that people at different stages of life value different things. Respondents intending to have a baby in the next two years valued staying within budget (84 per cent) and a home’s investment potential (66 per cent) as the most important things.
As respondent's approach retirement however, their priorities change; the focus instead is on off-street parking (70 per cent), and buying a home that is ‘move-in’ ready (38 per cent).
The research was conducted by Lonergan Research, which surveyed 1,119 home owners and intending first home buyers. The surveys were distributed all over Australia, including in both capital cities and regional areas. The survey was conducted online between 2 September and 9 September 2016.
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