While some global markets are seeing a shift towards long-term renting, 74% of Australians still aspire to own a home, with younger generations particularly driven to enter the market.
The survey also found 79% of respondents believe property remains a worthwhile investment, reinforcing its role in securing financial stability.
“Property provides people with financial security and the knowledge that they can build equity over time, which drives investment,” said LJ Hooker Head of Network Australia, Chris Keating.
Despite strong aspirations, affordability remains the greatest challenge for prospective buyers.
A staggering 97% of respondents listed property prices as one of their top three concerns, with 71% also citing the need for a stable income and 70% pointing to mortgage repayments as significant obstacles.
“Paying off a mortgage takes determination and dedication, and even though it is not always an easy path, people want to turn their homeownership dream into a reality,” Mr Keating said.
“We are seeing younger generations looking for alternative ways to get into the market, including utilising First Home Buyer Grants, rentvesting, and being supported by their parents.”
The survey also revealed a surprising difference in flooring preferences between Australians and New Zealanders.
While 61% of Australians prefer timber flooring, 59% of Kiwis opt for carpet.
“Timber flooring is just so much more practical in Australia; it is better suited to our climate, is more durable, and just looks good,” Mr Keating said.
The traditional image of an Australian home with a Hills Hoist in the backyard is changing, with nearly 50% of respondents stating that a lawn or garden is no longer a must-have when purchasing a property.
“It is not just one type of property that is aspirational anymore. While affordability is playing a part, it also reflects our changing lifestyle,” Mr Keating said.
“Australians love their outdoor space, but not everyone has the time to maintain a lawn or garden. A large segment of the market is looking for easy living without the upkeep, so we need a diversity of housing to cater for everyone.”
While outdoor entertaining areas, luxury kitchens, and infinity pools remain popular across generations, Gen Z is redefining the dream home.
Almost 48% of Gen Z respondents listed a home gym as a must-have feature – more than double the 20% of Gen X respondents who prioritised the same.
“Lifestyle and versatility are drivers when it comes to buying a home, and while different stages of life mean different needs, there are still many common features shared across generations,” Mr Keating said.
