Aussie families opt for convenience and smaller low maintenance homes
New research commissioned by ING suggests Aussie families* are starting to prioritise convenience and smaller low maintenance homes, as the costs of living and gradual end of the pandemic sees many revaluate what makes the ideal family home.
The majority (86%) of Aussie families, looking or thinking of buying are searching for a home in a ‘20-minute neighborhood’ – where all their daily needs can be met within a 20-minute walk, drive or cycle.
According to the research over a third (38%) of Aussie families 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%), whilst 18% say they want to live within the catchment area of their favourite delivery restaurant.
The research also reveals 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.
The groundswell of interest in so called “Tiny Homes” and Offroad Campers as a permanent residence and “remote office” demonstrates how concerned Australians are with the rising costs of buying and maintaining a large home in the current market.
Fiona Prater, Head of Mortgages at ING Australia, said:
“Our latest research reveals Aussies families are being savvy about their next move, re-evaluating what the ideal family home is.
“The pace of Family life has picked up as we’ve emerged from the pandemic and families are undeniably wanting a more efficient and balanced lifestyle. 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.”
Fiona Prater’s top tips for Aussie Families Looking for their ideal home
- 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
*Aussie families/ Aussie parents refers to Australians over the age of 18 with kids under the age of 18 living at home.
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1,015 adults. Fieldwork was undertaken between 30th March - 2nd April 2023 and carried out online. The figures have been weighted and are representative of all Australian adults (18+).
