If we were to ask you what you think today’s buyers want most, many of you would no doubt respond with things like quality inclusions, a nice kitchen and bathroom and built-ins to all bedrooms. However new research has shown that buyers today are willing to sacrifice quality for location and some other key desirable attributes.
The Westpac 2016 Home Ownership Report showed that today’s buyers want the following, in order of priority:
1. Affordability (80% of respondents)
2. A safe neighbourhood (66% of respondents)
3. A backyard (51% of respondents)
The results were based on a survey of 1,119 homeowners and first time buyers.
This latest research indicates that today’s budget conscious homebuyers are seriously thinking about the type of lifestyle a home could deliver over and above the inclusions in the home itself.
When selecting a neighbourhood, safety was rated number 1 on the list of important factors (66%) followed by peace and quiet (55%) and access to public transport (39%).
Interestingly the desire for features such as a modern kitchen dropped 9% in the past year showing that, while still desirable, a new kitchen is no longer considered an essential attribute.
REA Group Chief Economist Nerida Conisbee said, “People are willing to sacrifice quality, to get perhaps the location they want. So if they want somewhere quiet, safe, with good public transport they are willing to sacrifice getting a really good bathroom or the really good kitchen in the short-term to get that.”
The report also found that people want different things according to their current stage of life. Those planning a family most value an affordable home within budget (84%) and the property’s potential for future capital gain (66%), while those approaching retirement are more interested in off-street parking (70%) and a property that is ready to move into and enjoy as is (38%).