The ideal Australian home in 2017
For many Aussie families, the great Australian dream used to be pretty simple – a freestanding home in the suburbs on a quarter-acre block with a big backyard. However these days, it’s not that straightforward.
With shifting family structures and rising property prices across the country, many families – especially those in Sydney and Melbourne – are reassessing what their ideal home looks like.
In this article, we take a look at some of the key trends.
We still dream big
According to recent research from realestate.com, most Australians still dream of a large family home comprising four bedrooms, two bathrooms and a garage for two cars, on a 665 square-metre block.
The cost of this ideal home comes in at around $650,000, with Aussies willing to pay $100,000 more than the value of their current home to acquire their dream property, the research found.
This dream contrasts with the reality of home ownership highlighted by official statistics which show the average Aussie home has three bedrooms and sits on a significantly smaller block.
Apartments are increasingly popular
While many Australians pine for a large family home in the suburbs, more people are embracing apartment living.
That’s the key takeaway from a recent survey conducted by Mortgage Choice which found that a growing number of Australians are buying units instead of free-standing homes, for both cost and lifestyle reasons.
In addition to affordability, many Australian families are prioritising factors such as proximity to work, schools and shops over size when it comes to their ideal dwelling, the survey found.
“Regardless of whether that property is a free-standing house or an apartment, buying and owning any type of property is now the number one goal for Australians,” the survey concluded.
Families are changing
The evolving concept of family in Australia is also influencing home preferences, with one big shift being the rise of single people who are active in the property market.
Indeed, 24.3 per cent of residences are now occupied by a person living alone, up from 19 per cent 30 years ago.
For singles, especially the surging category of single female buyers, an ideal home tends to look quite different to the conventional family dream.
Single buyers are said to favour smaller properties closer to the city with good amenity. Other common considerations may include robust security, minimal maintenance and expansion potential.