Aussie families opt for convenience and smaller low maintenance homes – new research reveals

Does Australians' perception of the ideal family home change?

Well, according to recent research commissioned by ING, Australian families are increasingly valuing convenience and smaller, low-maintenance homes as they reassess their priorities in light of rising living costs and the gradual recovery from the pandemic.

Aussie families prefer properties in a 20-minute neighbourhood

The study indicates that a significant majority (86%) of Australian families who are in the market for a new home or contemplating a purchase are actively seeking properties situated in "20-minute neighbourhoods."

These neighbourhoods are defined as areas where all their daily needs can be easily accessed within a 20-minute walk, drive, or bicycle ride.

The research further reveals that more than a third (38%) of Australian families wish to reside closer to their workplaces, aiming to minimize travel expenses.

Additionally, a substantial portion (36%) express a desire to be in proximity to public transportation options.

Following the separation experienced during COVID-19 lockdowns, around one-fifth of respondents preferred living closer to friends and family.

Among the desired amenities within a 20-minute walk, the humble grocery store emerged as the most sought-after feature, with 63% of respondents indicating its importance.

Furthermore, 18% expressed a desire to reside within the delivery area of their favourite restaurant.

The study also highlights the growing interest in smaller, low-maintenance homes among Australian families.

A noteworthy 26% of those considering a purchase believe that larger homes would incur high maintenance costs in the current financial climate.

Nearly one in five respondents (19%) indicate a willingness to choose a home with reduced outdoor space.

Fiona Prater, Head of Mortgages at ING Australia, said:

“Our latest research reveals Aussies families are being savvy about their next move, re-evaluating the ideal family home.

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.”

Tips for Aussie families looking for their ideal home

1. Set a realistic and manageable budget for the home purchase – always leave some wriggle room to ensure you can manage changing circumstances.
2. 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 penalised for contributing more than the minimum repayments and one with an offset.
3. Consider what features the home and its location need to suit your For example a low maintenance garden, proximity to work and school and within a friendly neighbourhood.
4. 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.

About Leanne Spring Leanne is a highly experienced Buyers Agent in the Brisbane Real Estate market. Leanne became a passionate lover of property in 2001. Since then, both professionally and personally, she has been involved in all aspects of property including purchasing, negotiating, renovating, and selling.