Property investors should be aware of how the COVID-19 pandemic has changed the preferences of Australian home buyers.
NAB’s latest survey shows that around one in ten Australians have moved because of the pandemic and have no intention of returning.
About one in five Australians said having a study or work area or living in a regional area is crucial in the current circumstances.
NAB homeownership manager Andy Kerr said the survey’s findings reflect how the flexible work trend is providing Australians with opportunities to live wherever they want.
“Without the daily commute, people are looking to the suburbs that were not available in the past as a viable option to actually own a piece of land and build a home,” Mr Kerr said.
“Australians also clearly value lifestyle choices, work-life balance and being closer to family.”
Top reasons to move
Interestingly, about two in five Australians who relocated were driven by the lifestyle of their target market.
About a third of those who moved said they consider the well-being of their families.
About the same proportion of owners moved for work purposes.
“Queensland and South Australia have largely avoided lockdowns and restrictions and offer the lifestyle benefits unique to both states,” said Mr Kerr.
Meanwhile, New South Wales continues to attract local and interstate buyers looking for work.
On the other hand, about 20% of buyers from Victoria wanted to move to regional areas or another state to avoid lockdowns.
“Many moved to the regions with areas like Geelong, the Surf Coast and Mornington Peninsula that have proven to be popular,” Mr Kerr said.
What are home buyers looking for?
In South Australia, about 51% of buyers would like to buy a house instead of apartments.
This was the highest percentage of buyers who chose houses over apartments.
In total, only two in five buyers want to buy a detached house.
The survey also found that over 50% of Australian buyers would like to live near the local cafe and shopping centre.
“Public transport is also a big factor in both NSW and Victoria and our data tells us that suburban areas close to train and tram lines in both states are a great value to buy a house or apartment,” said Mr. Kerr.
“Apartment living was popular in both NSW and the ACT with plenty of opportunities to find a bargain in both states.”
“Those living in Sydney may find more affordable options in apartments given the rise in house prices in 2021.”
Photo by Roberto Nickson on Unsplash
Top Suburbs: St Peters, Kawana, Marrickville, West Rockhampton, Penrith
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