What Homeowners Really Value
A recent home ownership survey shows that the top priorities for Australian home buyers focus on lifestyle. Affordability, a backyard and a safe neighbourhood rated as the top considerations when buying a home. Trailing closely behind was being situated near parks, cafes and schools.
Home Ownership Survey Data
Per survey results, some 80 percent of respondents feel staying within budget is their primary buying factor. This figure is 5 percent higher than last years.
Rated as the second largest consideration was living in a safe area. Some 66 percent of respondents said that this factor added to their personal and family security. Plus, a safe neighbourhood made their life more comfortable with them able to live in a relaxed environment.
The third highest priority for homebuyers was a home with a backyard. Fifty-one percent of survey respondents said that they thought having outdoor space was important. Such an aspect rated higher for couples with young families, or those planning to start a family.
Changes in Home Buyer Preferences
Survey findings indicated that home buyers were willing to make a compromise. They also seemed to be adapting to the higher dwelling prices in Sydney and Melbourne. Although, these home buyers are very budget conscious in an increasingly competitive market. They also seem to be making lifestyle and relaxation priorities.
Out of 1,119 home buyers, including first-time purchasers, most people said they were willing to make sacrifices to buy in a better location. Hence, the need for a modern kitchen dropped by 9 percent. Realtors suggest that trends are changing. Todays buyers will sacrifice a top-quality kitchen or bathroom if they can find a quiet, safe location with excellent public transport.
Differing Needs for Varying Age Groups
It was also interesting to note that older home buyers have different preferences to younger buyers. For instance, 84 percent of buyers who were planning a family rated home affordability as the most important aspect when buying. Sixty-six percent of all respondents believed that a propertys potential to be a sound long-term investment was necessary. Older homeowners, especially those who were approaching retirement said off-street parking was high on their list of priorities. Some 70 percent said this was a requirement of buying for them. Finding a property that was ready to move into also appealed to this age group, with 38 percent saying this was a must for them.
What You Should Look for as a Home Buyer
Realtors suggest that while we all have different priorities at different stages in our lives, its also important to consider your budget and long-term commitment. Know what you can afford to buy before you start looking, and make a list of your priorities. Following this strategy will help you to narrow down your choice and to ensure that you stay within your budget.
Next, research neighbourhoods thoroughly. Visit any areas in-person that youve short-listed. Spend time there and get to know streets, parks and where transport and other facilities are. Have a chat to the locals and ask the district council about their plans.
In Demand Suburbs in Australia
Demand for property Australia-wide is high, with a lack of supply being the driving force. Most home buyers are looking for convenience and a lifestyle that is affordable. Trendy inner-city suburbs that were once popular are giving way to outer city suburbs that offer home buyers with a relaxing way of life. Median prices between these two locations can vary by hundreds of thousands of dollars. For instance, Prahan, an inner-city suburb situated in Victoria, ranked as the most sought after suburb between September 2015 and February 2016 for homes. Now this suburb is no longer in the top 10. Instead, Warrandyte, an outer city suburb with a median $450,000.00 less than Prahan, has jumped into the top position.
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