New research from one of Australia’s largest residential developers, Stockland has revealed that purchasing a property is top of mind for Australians as they enter the new decade, along with the desire for more social connectivity and sustainable home features becoming standard.
Stockland’s 2020 property survey has shown that, Australians are heading into the new decade with a positive outlook on home ownership with over 40 per cent planning to buy their own property in the next five to 10 years, with the vast majority (93%) of purchases to be made by those under 35.
Interestingly, people are willing to look further afield with 36 per cent of those surveyed considering a move interstate, and 44 per cent of respondents in NSW specifically toying with the idea to cross borders. The main reasons for the potential interstate move is for better lifestyle (57%), better job opportunities (42%) and to buy the home you want for less (32%).
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.”
“The way in which Australians want to live will continue to evolve in 2020 and beyond with many considering that interstate move now more than ever, and an increased demand for features that encourage personal connectivity to communities and improved health and wellbeing.”
Interestingly, over 60 per cent of Australians would forgo a traditional large backyard for a smaller home with less outdoor space if it meant they were more connected to neighbours and close to community parks and green spaces.
Survey respondents top features for a dream community of the future also included more walking paths community gardens and recreation spaces and fewer roads.
Stephanie Vanin continued, “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.
“The actual home is still important, however, features that allow for more community living are shifting higher and higher on homeowners’ priority lists. That old sense of belonging and knowing your neighbours is more important than ever before,” Ms Vanin says.
Most importantly, Australians will be even more environmentally conscious this decade with over half (54%) of the survey respondents stating sustainable and environmental home features are more important to them than they were 10 years ago, and 22 per cent stating the purchase of ethical and sustainable items for their home are important.
A quarter of the respondents also stated they would specifically like automated recycling in their future home, with those over 55 years the most excited about the prospect.
Ms Vanin continued: “Buyers are much more attuned to the benefits of sustainable home design today than they were a decade ago. The costs of many features such as LED lighting and solar panels are also much more affordable today and buyers now understand the long terms cost benefits of these features for future energy savings to them and the broader benefits to the environment.”
Stockland has launched its 2020 residential summer campaign this week. The campaign is built upon the idea that “A day can change a decade” and by taking a step into the home buying journey today, you can set yourself up for the whole decade ahead.
Trends that will shape the next decade of Australian living
- More homeowners are opting for smaller lots and look for more efficient, well-designed homes that make the most of the space.
- Backyards are becoming smaller but there are more recreation spaces and parks closer to communities.
- Sustainability features are normal and expected in homes rather than an add on that you pay more for.
- People are willing to look further afield with 36 per cent of those surveyed considering a move interstate
- Health and wellbeing are key – homeowners are increasingly factoring in the walkability and liveability of their potential neighbourhood, e.g. group fitness and dog parks.
- Social connectivity and sustainability are becoming more important with people looking for opportunities to connect with their community, e.g. meetup groups and community gardens.
- Majority still prefer freestanding homes but there is a significant uplift in townhouses/semis compared to 7 years ago
- Top three factors when choosing a home include affordability, ease of public transport and the quality of the home
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