- 41% have purchased in the area they live in, with 20% renting
- Queenslanders are the most satisfied with the area they live in
- Number of Australian's intending to buy within the next year has declined
Just over 70% of Australians presently live in a location they love, according to new research conducted by NAB.
41% have purchased where they want to live, with 20% renting and 10% living with their family in their preferred location.
The findings mean that 30% of Australian’s don’t live in their desired location, with an even split between those who have purchased, rented or are living with their family in an area not of their preferred choice.
Andy Kerr, NAB Executive Home Ownership, said the past year and a half has reinforced the importance of lifestyle for Australians.
“For potential home buyers, it’s really important to be comfortable with the trade-off between buying a home within budget and the lifestyle you’re looking for,” Mr Kerr said.
“I would encourage Aussies to consider if you are working two or three days a week in the city, what does that look like in six or 12 months’ time?”
“The world continues to change so make sure you’re reflecting what hybrid working may look like in the future, particularly as our CBDs come back to life.”
On a state-by-state basis, 76% of Queenslanders live in an area they want to live in. This falls to just 61% in Tasmania.
In terms of those who have purchased property, only 49% of Queenslanders and Western Australians bought and lived in their preferred area, with this declining even further to 34% for New South Wales buyers.
Is it the right time to buy?
The NAB data revealed that for the third consecutive quarter, the number of Australians who think it is an ideal time to buy has declined.
Only 25% believe it is the right time to buy, lower than the 29% recorded during the previous quarter.
For those wishing to purchase an investment property, this fell to 23%, from 25% the previous quarter.
The number of Australian who intended to purchase a home within the next year declined to 13% – 1% lower than the previous quarter.
“Affordability has been a concern in 2021 with house prices up around 25 per cent, but we are seeing the early signs of prices easing as supply comes back on to the market,” Mr Kerr said.
“In October, we saw Melbourne and Sydney both ease month-on-month from their peak growth in March. NAB’s forecast is for the market to be strong until the end of the year and a more subdued market in 2022.
“Suburbs closer to the city, with easing prices will become an option that we really haven’t seen to the same extent the last 12 months. We are seeing little green shoots of people returning to inner-city suburbs, looking for the balance of lifestyle and value.”
