*Note: This article is based on an article from the Australian Housing Market news on realestate.com.au, which can be be found here: https://www.realestate.com.au/news/what-buyers-want-the-most-sought-after-property-features/
As we transition from the summer heat to the cooler autumn months, the preferences of Australian homebuyers are shifting. Here’s a snapshot of the key trends obtained from an analysis of the most searched keywords on realestate.com.au last year:
- Swimming Pools:
Unsurprisingly, ‘swimming pool’ remains at the top of the wish list for many buyers. With five million Australians regularly or occasionally swimming, the allure of having a pool in the backyard is undeniable. Over 3.1 million Australians currently reside in homes with a swimming pool or spa.
- Dual Living:
The desire for dual living arrangements has seen a significant uptick in searches. Keywords like ‘dual living’, ‘granny flat’, and ‘duplex’ reflect this growing trend, driven by the rising cost of living.
- Versatile Spaces:
The ‘garage’ emerged as the second most popular search term, with many homeowners transforming it into a home office, gym, or entertainment space during the pandemic. Other sought-after features include ‘air conditioning’, ‘ensuite’, and ‘study’.
- Work from Home Lifestyle:
With 37% of Australians now regularly working from home, the demand for properties that cater to remote work has surged. This lifestyle shift has influenced buyers’ preferences for amenities like home offices and outdoor areas.
- Investment Opportunities:
Dual occupancy homes are gaining popularity as they offer the potential to generate additional income from a single land title. Builders like Metricon have reported a 25% increase in their dual occupancy business over the past four years, with a notable surge in inquiries in recent months.
- Granny Flat Reforms:
State government reforms aimed at increasing housing supply have led to a spike in searches for ‘granny flats’. Reforms in Western Australia, Victoria, South Australia, and New South Wales have streamlined the process of building secondary dwellings, making them more accessible to homeowners.
- Premium Features:
At the higher end of the market, terms like ‘water views’, ‘penthouse’, and ‘ocean view’ are gaining traction. Despite economic uncertainties, buyers with substantial home equity have been active in the premium segment.
- Home Gyms:
The pandemic has underscored the importance of health and fitness, with ‘gym’ featuring among the top search terms. Home gyms offer convenience and cost savings, appealing to fitness enthusiasts and budget-conscious buyers alike.
In summary, Australian homebuyers are increasingly prioritising amenities that enhance their quality of life, accommodate remote work, and offer investment potential. As these trends continue to shape the real estate landscape, homeowners and investors alike should consider these preferences when buying or selling property.