The Great Australian Dream of a house and backyard remains alive and well with just under half of Australians saying they would sacrifice proximity to the CBD for a bigger block, according to research by Slater and Gordon’s Conveyancing Works.
The firm surveyed more than 2000 Australians, 48% of whom said if they were going to buy a home tomorrow they would look to buy beyond the traditional 10 kilometre radius of the CBD. A further 29% said they would prefer to live within 10 kilometres of the CBD, with 10% saying given a choice they would opt for a regional area. The remaining 13% were unsure.
Furthermore, 57% said they would rather buy a house and land package outside the CBD compared to an inner city dwelling off the plan. This trend was strong across all age groups with 53% of 18-24 year olds saying they too would prefer to buy a house and land outside the inner city.
Slater and Gordon’s Conveyancing Works General Manager Lee Bailie said even though the property market was gaining momentum, it showed Australians still aspired to the dream of owning their own home with a yard.
“Despite interest rates remaining low, increasing property prices and higher demand are driving people out of the inner city,” Mr Bailie said.
“What’s more, many people, particularly once they have started a family, don’t want high density living – they want a particular lifestyle and that lifestyle includes space to live and play.
“This research is telling us that the majority of Australians are not yet ready to give up on that dream of owning their own slice of land and if they have to sacrifice inner city living to do so then they are prepared to move further out,” he said.
Nearly three quarters (74%) of respondents believed land and home sizes would reduce in the next ten years.
“So it’s possible that people have this at the top of their mind when buying and are actively seeking out property in areas where the size of the land is generally larger,” Mr Bailie said.
Other findings include:
- Older Australians were more likely to look to buy property in a regional area, with 15% of those surveyed over the age of 55 saying they would consider a regional area compared to 18-24 year olds (9%), 25-34 year olds (5.5%), 35-44 year olds (7%) and 45-54 year olds (11.5%).
- There was very little difference between the intentions of men and women with 57% of males and 65.5% of women saying they would prefer to buy a house and land more than 10 kilometres from the CBD.
- Buyers in Brisbane (50%), Melbourne (52%), Perth (50%) and Darwin (75%) were more likely to look for property outside of a 10 kilometre radius while their counterparts in Canberra (41%) and Hobart (35%) favoured an inner city lifestyle.
Mr Bailie said there was no doubt there were factors influencing these decisions including transport infrastructure, affordability and, in some cases, a more centralised workforce.
“But the results still clearly emphasise that for most Australians the dream of owning our own house and land is still very much alive,” he said.
Read more on the costs of buying a house in our guides section.