Studio apartments on the menu for many Aussie buyers
More than a third of Australians would sacrifice space rather than location in their property search.
New research from Gateway Credit Union has found 35.5% of Australians would rather buy a studio apartment in their ideal location than a bigger property in a less ideal location.
“As a nation, it’s well known that we love our space and there is research that suggests we have less people living in bigger properties compared to a few decades ago. But it may seem as though our obsession with the traditional Great Aussie Dream of owning a home with a backyard may be at a turning point,” Gateway CEO Paul Thomas said.
Baby Boomers were the generation most likely to settle for a studio apartment, at 44.8%, followed by 18- to 29-year-olds at 30.8%.
Thomas said 68.7% of respondents agreed that studio apartments were a good way for first-time home buyers to access the property market.
“Affordability, convenience and lifestyle factors have been big drivers behind the growing positive sentiment toward studio apartment living,” Thomas said.
Thomas warned, though, that many lenders were hesitant to lend for properties smaller than 50 square metres.