New research has highlighted that 70 per cent of Australians are happy where they live, however, those people living in Sydney and Tasmania are the least happy with their current location.
The research from NAB points out that while the majority of Australians are happy with where they buy or rent, 30 per cent are not. This includes 41 per cent who purchased a property in the area they want to live, while 20 per cent rent and 10 per cent live with family in their preferred location.
Overall, 76 per cent of people in QLD and 74 per cent in SA are currently happy with their location, but this falls to just 61 per cent in Tasmania, 67 per cent in NSW and 68 per cent in the ACT.
Specifically, those who bought and live in a property in their preferred area was highest in QLD (49 per cent) and WA (49 per cent), and lowest in NSW (34 per cent).
NAB Executive Home Ownership, Andy Kerr believes the past few years has shown just how important it is to live in a location that makes you happy.
“For potential home buyers, it’s really important to be comfortable with the trade-off between buying a home within budget and the lifestyle you’re looking for,” Mr Kerr said.
“I would encourage Aussies to consider if you are working two or three days a week in the city, what does that look like in six or 12 months’ time? The world continues to change so make sure you’re reflecting what hybrid working may look like in the future, particularly as our CBDs come back to life.”
Is now the right time to buy?
The report also highlights growing concerns about housing affordability as many Australian’s feel now is not the right time to buy.
Australians who think now is a good time to buy a home fell for the third consecutive quarter to just 25 per cent in Q3 of 2021, down from 29 per cent in the previous quarter.
The number who thought it was a good time to buy an investment property also dropped slightly to 23 per cent, from 25 per cent in the previous quarter and 31 per cent at the same time last year.
Mr Kerr believes the strong growth in house prices is a key reason why some people might be reluctant to buy right now.
“Affordability has been a concern in 2021 with house prices up around 25 per cent, but we are seeing the early signs of prices easing as supply comes back on to the market,” he said.
“In October, we saw Melbourne and Sydney both ease month-on-month from their peak growth in March. NAB’s forecast is for a more subdued market in 2022.”
“Suburbs closer to the city, with easing prices will become an option that we really haven’t seen to the same extent the last 12 months. We are seeing little green shoots of people returning to inner-city suburbs, looking for the balance of lifestyle and value.”