New research from realestate.com.au has mapped out just how differently generations prioritise features when buying a newly built house or apartment, offering agents a clearer picture of what different buyer segments actually want when trading off competing features.
For house and land buyers, location dominates for older buyers. Eighty per cent of Boomers chose their preferred postcode over other features when presented with trade-off options, and 69 per cent picked a double garage with two or more car spaces over alternatives.
Younger buyers are focused elsewhere. Sixty-four per cent of Gen Z buyers and 60 per cent of Millennials prioritised backyard space over features like car parking or an extra bedroom.
Land size still carries weight for buyers without children. Forty-seven per cent of young buyers with no kids and 55 per cent of Millennial buyers chose a bigger block – more than 50 square metres extra – over other home features.
The apartment market tells a similar generational story, largely centred on amenity versus cost. Fifty-six per cent of Millennials and Gen Z buyers said they would choose a building with a gym, pool or spa over one with cheaper body corporate fees, which only 44 per cent preferred.
Gen X buyers were far less swayed by wellness facilities, with just 40 per cent choosing them over lower fees, while 60 per cent opted for the cheaper option. Boomers showed the strongest preference for affordability, with only 22 per cent choosing wellness facilities compared to 78 per cent who wanted lower owners corporation fees.
Car dependence also increases with age. Sixty-seven per cent of Boomers said they would rather have a car park, even if it meant being further from public transport, than skip parking to live closer to transit.
Other apartment preferences varied by life stage too. Sixty-three per cent of Boomers chose a larger living area over a dedicated study, while 52 per cent of Gen X apartment buyers opted for extra storage – such as a storage cage – over an additional bedroom. Among luxury apartment buyers spending $1.5 million or more, 56 per cent chose a powder room over other competing features like extra storage or an additional car park.
Despite the generational splits, some things buyers agree on. Across all age groups, easy access to groceries, green space and GPs remained the most consistently desirable neighbourhood features.
The findings also point to how buyers feel once they’ve made the leap. In the research, one young family who had recently bought a new build reflected on the decision.
“We’re very, very happy with our choice,” they said. “That’s pretty much made me sleep better at night knowing that I was making a good decision.”