The Australian housing market is highly competitive, in some cases forcing families to relocate to new areas to get a foot in the door. While many Australians still want their slice of the quintessential Australian dream home ownership for stability, financial security and a sense of achievement. This dream is shifting in response to house prices increasing across NSW.
Recent research undertaken by us, surveyed more than 500 people across NSW to understand what homeowners value when looking to enter the housing market or upgrade their homes. The results, unsurprisingly, are centred on high quality workmanship and affordability.
In a hotly contested metro real estate market, despite the absence of reliable evidence, many NSW residents voice concern that foreign investors particularly Chinese real estate investors are pushing up housing prices. Other factors such as land and housing supply are believed to be key contributors to housing affordability issues.
As regional centres across New South Wales invest in strategic planning to attract new people into their communities, investors are well positioned to spot growth areas and buy into economic hotspots as industries emerge.
All age groups are looking to new residential areas outside the city centre (including rural and regional areas) for affordable homes—in particular those homebuyers exiting the workforce and downsizing. Young families on single incomes looking for an easier, stress-free lifestyle to raise children without an overbearing mortgage.
The study found that the primary focus for Australian homeowners is space — homeowners are seeking the space to share a laugh and a meal with indoor and outdoor entertaining a key focus, along with wide-open spaces around the home and quieter road away from traffic congestion.
Over the coming weeks, we will be sharing with you our key findings of the report. The next blog will look at property hotspots and the areas set to ‘boom’.