Aussie families are starting to prioritise convenience and smaller, low-maintenance homes, new research suggests.
New research commissioned by ING suggests that the majority (86%) of Aussie homebuyers are looking for a home in a ‘20-minute neighbourhood’ – where all their daily needs can be met within a 20-minute walk, drive or cycle.
More than a third (38%) of respondents said they want to be closer to work and public transport (36%) to minimise travel costs. Furthermore, a fifth want to be closer to friends and family after being separated during COVID lockdowns.
The humble grocery store is the most desirable amenity to have within a 20-minute walk (63%), while one in five (18%) say they want to live within the catchment area of their favourite delivery restaurant.
The research also revealed that smaller, low-maintenance homes are on the home buying agenda. More than a quarter (26%) of Australian families considering buying say they believe a big home would cost too much to maintain in the current financial environment. Almost one in five (19%) say they would opt for a home with less outdoor space.
ING Head of Mortgages Fiona Prater remarked that the research reveals families are wanting a more efficient and balanced lifestyle and are re-evaluating what the ideal family home means to them.
“They’re willing to sacrifice a big home to be closer to amenities, family, friends and work in order to spend more time doing the things that matter most to them with the people they care for most.
“With the heightened costs of living, families are also thinking about how they can keep their costs down and a smaller home that’s closer to public transport or work and costs less to maintain is a smart way to achieve this.”
Prater’s top tips for families looking for their ideal home include:
– Set a realistic and manageable budget for the home purchase – always leave some wriggle room to ensure you can manage changing circumstances.
– Shop around for a mortgage that suits you! For example if your goal is to pay it off as quickly as possible, find a loan where you’re not going to be penalised for contributing more than the minimum repayments and one that has an offset account.
– Consider what features the home and its location need to suit your lifestyle. For example a low maintenance garden, proximity to work and school and within a friendly neighbourhood.
– Be prepared to make some compromises. The perfect home doesn’t always exist but you may be able to put your stamp on it over time.
– Spend time in the locations you like. Talk to local real estate agents, café owners and other families to really get a feel for the neighbourhood.
