realestate.com.au revealed on the weekend what Australia’s ideal home looks like based on new consumer behaviour research.
The great Australian dream of owning a quarter acre block is still aspirational for many Australians, despite rising house prices. The national average wishlist includes 4 beds, 2 baths, and 2 car spaces, on a 708 sqm block and is priced at around $520,000.
“What this data shows us is the great Australian dream of owning a quarter acre block is still aspirational for many Australians, despite rising house prices, said Nerida Consibee, REA Group Chief Economist.
“There’s a perception that everyone wants to live in the city, but the reality is people are willing to make trade-offs to find their perfect home. People are now more prepared to live in outer suburbs than what we initially thought.
Interestingly the research shows that the percentage of people looking for property within close proximity to the city has declined, as has the median search price. This possibly shows that Australian’s are willing to compromise on location to maintain their preferred lifestyle.
Australia’s ideal home – comparing 2016 v. 2017
|April 2016||Jan 2017|
|Median Land size||665 SQM||708 SQM|
|Median searched price||$650K||$520K|
Where people are looking
The table below shows the suburbs that realestate.com.au see people commonly looking at properties that match the above criteria (but note this does not represent market demand).
National median prices by suburb
|Rank||Suburb||State||Postcode||Median price for houses in suburb|
State median prices by suburb
|Vic||Suburb||Median price for houses in suburb|
|NSW||Suburb||Median price for houses in suburb|
|QLD||Suburb||Median price for houses in suburb|
|SA||Suburb||Median house price|
|Suburb||Median house price|
The following table shows the percentage of people who engaged with property listings that have the listed lifestyle factors (which are are typically important to property seekers when looking for their home). Over the past six months, all factors have shown decreases.
|Lifestyle Factors||April 2016||January 2017|
|Close to Shops||60%||52%|
|Close to School||57%||46%|
|Close to transport||57%||33%|
|Close to Beach||15%||15%|
|Close to City||17%||10%|