Australian property buyers are willing to sacrifice living within reach of cities if it means owning a property with a backyard, according to new research.
Slater & Gordon’s Conveyancing Works surveyed more than 2,000 Australians for the study and found 48 per cent of respondents would look beyond the traditional 10 kilometre CBD radius if they were to buy a home tomorrow. A further 29 per cent said they would prefer to live within the 10 kilometre radius, and 10 per cent said given a choice, they would opt for a regional area.
In addition, 57 per cent of respondents said they would rather buy a house and land package outside the CBD than an off-the-plan inner-city dwelling. This trend was strong across all age groups, with 53 per cent of 18 to 24 year olds saying they too would prefer to buy house and land outside the inner city.
Slater & Gordon’s Conveyancing Works general manager Lee Ballie said even though the property market was gaining momentum, it showed Australians still aspired to the dream of owning their own home with a yard.
“Despite interest rates remaining low, increasing property prices and higher demand are driving people out of the inner city,” Mr Ballie said.
“This research is telling us that a majority of Australians are not yet ready to give up on the dream of owning their own slice of land, and if they have to sacrifice inner-city living to do so, then they are prepared to move further out.”
The survey also revealed that close to three-quarters (74 per cent) of respondents believed land and home sizes would reduce in the next 10 years.
Mr Ballie said this prediction may be factoring into people’s decisions to actively seek out properties with larger land sizes.