Aussie home buyers focus on more than price growth
A new survey has revealed the features buyers prioritise when looking for a home, and it’s not capital growth.
Westpac’s 2016 Home Ownership Report has found the most important consideration for home buyers is staying within budget, with 80% tipping it as a top concern. Living in a safe neighbourhood (66%) and having a backyard (51%) were also high on the list of priorities for Australian home buyers.
“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,” Westpac Group head of home ownership Chris Screen said.
The report found that aesthetic features such as a modern kitchen or bathroom were seen by buyers as “nice to have”, but not essential. Likewise, not all buyers were focused on capital growth, as the importance of a home as a good investment was sharply split depending on the age of the respondents. For those looking to have a baby within the next two years, a home’s investment potential was listed as its second-most important feature, while those approaching retirement were more concerned with off-street parking and whether the home was “move-in ready”.
“It’s clear Australians place varied levels of importance on different aspects of a home at different stages of life, which is why when working out your budget it’s important to consider what the next few years may look like,” Screen said.
Other factors home buyers tipped as important were access to a quiet neighbourhood (55%), public transport (39%) and proximity to work (26%).
- Borrowers are back: homebuyer lending rises 10% in July
- Australian borrowers could save up to $60,000 by refinancing right now
- Athena’s new home loan rates get lower as you pay your mortgage off
- House prices continue falling (slowly) across Australia
- Record low interest rates are pushing Australians to refinance like never before