Home buyers throughout Australia are demanding more space for home studies or work areas, increasingly prefer detached homes over apartments and are more willing to consider regional areas, according to a new survey looking at the effect of COVID on housing preference and choice.
In its latest survey, NAB asked 330 real-estate agents, property developers and property investors about the degree to which home buyer preferences have altered since the beginning of the COVID pandemic.
Amongst those surveyed, as a result of the pandemic:
- Almost nine in ten (86 percent) say that space for work or study has become more important in home-buyer preferences
- Three quarters (75 percent) say that being close to local shops, restaurants and other amenities has become more important in buyer preferences
- 56 percent say that home buyers have become more willing to consider regional areas
- 65 percent saying buying a house rather than an apartment has become more important
- Two thirds (65 percent) say the size of the house has become more important in home-buyer preferences
- Whilst more than half (51 percent) say proximity to public transport has become more important in home-buyer preferences, a sizeable 13 percent say it has become less important.
- 71 percent say the size of the loan has become more important in home-buyer preferences
- 62 percent say the size of the land has become more important in home-buyer preferences.
NAB Executive, Home Ownership, Andy Kerr said the change in preferences have been driven by greater flexibility in working arrangements.
This has seen home-buyers attach greater importance on space and along with greater flexibility with regard to commuting times.
“For many, the great Australian dream is a spacious home with a nice backyard for entertaining and it’s more affordable in outer suburbs and regional towns than the inner-city,” Kerr said.
“As a result, it’s been no surprise to see price growth in regional areas outpacing capital cities.”
“Lockdowns have reshaped how we live and with many at home for longer periods, the desire for a little more space has grown.”
“This may mean a larger living room for the kids to play, a dedicated study to separate work from home life or a bigger backyard for the new puppy to run around.”