A house with a backyard in the suburbs remains the Australian dream for most home buyers, despite the ongoing popularity of higher-density inner-city suburbs.
Just under 50 per cent of Australians would prefer to sacrifice proximity for a bigger block of land, according to a survey of 2,000 people across Australia by law firm Slater and Gordon.
Of those surveyed, 29 per cent said they would look for property within a 10-kilometre radius of the city centre if looking to buy a home, while 48 per cent said they would look further afield.
A further 10 per cent said they would prefer to buy in a regional area, while the remaining 13 per cent were unsure.
Slater and Gordon conveyancing works general manager Lee Bailie said the figures showed that rising property prices and lifestyle factors ensured owning land outside the inner city remained a popular choice for many.
“This research is telling us that the majority of Australians are not yet ready to give up on that dream of owning their own slice of land and if they have to sacrifice inner city living to do so then they are prepared to move further out,” he said.
The survey also showed that people aged 55 and over were the most likely to look to buy in a regional centre, at 15 per cent of respondents, while those aged 25-34 were among the least likely (5.5 per cent).