Aussies looking to enter the housing market or upgrade their homes place great value on quality craftsmanship and affordability, according to a new study conducted by home builder Allworth Homes.
The study surveyed more than 500 people across New South Wales to understand what’s important to homebuyers. While many Aussies still want to achieve the Great Australian Dream, it appears the current version of this dream is shifting, taking into account rising property prices across the state.
Regional NSW is heating up
Improved employment opportunities, as well as better transport options and infrastructure in many regional areas, are drawing more people away from city centres.
“While the outskirts of Sydney were once considered undesirable, improved infrastructure coupled with soaring house prices has meant many property seekers are look further afield for their homes, including high-income earners,” said Stephen Thompson, director at Allworth Homes. “According to the survey, first homebuyers and baby boomers looking to downsize are also turning their attention to the outer suburbs.”
As regional centres invest in strategic planning to attract new people into their communities, investors are well positioned to spot growth areas and buy into economic hotspots. According to Allworth Homes, the preferred location to build a property was regional NSW, with the Sydney CBD coming in at fourth place (8%).
Aside from avoiding the high house prices and hustle and bustle of the inner cities, 64% of respondents value a spacious home above all else.
“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 space on the road, away from traffic congestion,” Allworth Homes said.
NSW Excerpt From The 2018 February Market Report
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