Aussie home buyers focus on more than price growth

Adam Smith 18 October 2016

house coins seesawA 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%).

Latest home loans headlines

Image: Shutterstock

More great ideas from finder.com.au

Get a life insurance quote
Get a life insurance quote

Find out what it costs to protect yourself and your family

More info...
Refinancing home loans
Refinancing home loans

Choose from offers with rates as low as 3.39% p.a.

More info...
Google Pixel
Google Pixel

Compare plans for Google's flagship Android phone

More info...
Christmas ideas
Christmas ideas

Visit our Christmas homepage for gift ideas, markets, travel & deals

More info...

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback