Months of social isolation have led to changes in the “essentials” items on homebuyers’ shopping lists, according to two new surveys.
Buyers’ must-haves now include fast internet, enough outdoor space for exercise and entertaining, and work space.
A significant number want to live somewhere less densely populated, closer to parks and in larger properties.
Westpac and ING both surveyed the home buyer market last month and found that people want their home to be their “lifestyle hub”, where they can exercise, dine and socialise and work if need be.
ING’s head of home loans, Julie-Anne Bosich said the pandemic has changed people’s thinking about their homes, which may have longer term impacts.
ING, which focused on Millennials in its survey, found that close to half think home buying is now more affordable and 32 per cent say they will buy a home in the next year or two.
They have used social isolation to shift savings from travel to home savings, while 36 per cent moved back with their parents.
Bosich, said: “Millennials are taking advantage of record low interest rates, government assistance and a weakened housing market to get on the property ladder.”
A significant number, 22 per cent, plan to get into the property market by buying a house and then renting it out.
According to the ING survey, people expect to spend more time at home, even after restrictions are eased. They want dedicated work spaces and more space overall.
Westpac, which focused on the broad homebuyer market, found that 34 per cent want to live in a less densely populated area, 31 per cent want to be closer to parks and shops and 20 per cent want larger properties.
Twenty-seven per cent said a backyard was important to them and 20 per cent want a separate work space.
High density living is out of favour, with 77 per cent saying they would prefer to live in a house.
Westpac managing director of mortgages, Anthony Hughes, said: “Staying at home for an extended period has changed how we use the space we live in, whether that’s home schooling from the kitchen table or setting up a makeshift office.
“Our research suggests that his started a behavioural shift in what Australians want in a home.
“We expect more Australians will be considering a major renovation to upgrade their home to better meet their needs.”