Consumer behaviour on one of Australia’s largest property portals has revealed that the great Australian quarter acre block dream is alive and well for many, despite soaring house prices.
Based on new consumer behaviour research, realestate.com.au has revealed that the ideal Aussie home is still a four bedder with two bathrooms and two car spaces.
However, Australians now want more for less. Today, the dream home is more than 700 squares in size and we are only prepared to pay $520,000 for it. Just last year, we were happy with 665 square meters and were prepared to fork out $650,000 for it.
The data also shows that people are more willing to live in outer suburbs than what was initially thought.
REA Group chief economist, Nerida Conisbee said there is a perception that everyone wants to live in the city, but the reality is people are willing to make trade-offs to find their perfect home.
“People tend to be more flexible with their location as long as there is good proximity to schools, shops and public transport,” Ms Conisbee said.
“The percentage of people looking for properties within close proximity to the city has declined, which shows people are now prepared to travel longer distances into the city for work or are considering finding jobs locally so they can still maintain their preferred lifestyle.”
However, the data also points to a drop across all but one of the lifestyle factor trends in 2017. It is less important for Aussies to live close to shops, schools, transport and the city now compared to April 2016.
But the desire to be close to a beach is the same now as it was last April.