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The Great Australian Dream has evolved, with Aussies now seeking home features that boost both wealth and wellbeing, rather than just values.
For as long as the country can remember, Australians have been obsessed with property, for good reasons: it can provide a sense of financial security and a place to be happy.
In their latest survey, Great Southern Bank found that 83 per cent of the population linked their mental wellbeing to their housing situation.
In total, 81 per cent of Aussies describe their home as the place where they can really be happy, and 78 per cent said their home was the place they could truly be themselves.
The chief customer officer at Great Southern Bank, Rolf Stromsoe, said that while owning a property has always been seen as a sign of financial stability, the data showed an additional emotional layer.
“For many people, owning a home isn’t just about bricks and walls – it’s about freedom, stability, and a true sense of belonging. These are the things that matter most to Australians and play such a big role in their overall happiness and wellbeing, “ Stromsoe said.
While buying a property matters, Australians have been placing greater value on homes that foster connections, such as family and friends gathering for everyday dinners or special occasions.
Data showed home owners have been looking to buy properties with key entertainment features to enhance their happiness.
To grow their family and friends' connections, Australians have been focusing on homes with outdoor entertainment areas (42 per cent), well-designed kitchens (42 per cent) and gardens or yards (35 per cent).
The report also showed that the desire for connection strengthens with age, with 57 per cent of Baby Boomers valuing outdoor entertainment spaces and 48 per cent saying a garden would most enhance their happiness at home.
In total, 73 per cent of the surveyed said their home wasn’t the “building”, but where their loved ones were.
While Australians increasingly see home ownership as an emotional investment, financial security remains a key driver.
Owning a home remained one of the most critical steps toward achieving security for 69 per cent of Australians, including 78 per cent of Baby Boomers and 60 per cent of Gen Z.
Yet the report found that younger generations, particularly Gen Z, have been challenging the Australian Dream by broadening their definition of financial success, prioritising career achievement and pursuing passions over home ownership.
“The Australian Dream is changing,” Stromsoe said.
“Owning a home remains an important goal, but younger generations are redefining success – finding new ways to balance financial goals with the lifestyles they value,” he concluded.
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