This comes as new research commissioned by ING detailed smaller, low maintenance homes are on the home buying agenda for those looking to achieve the great Australian dream.
Surveying over 1,000 Australians, ING revealed 26% of Australian families currently considering buying said a big home would cost too much to maintain in the current financial environment.
Further, 19% of Aussie families said they would opt for a home with less outdoor space.
ING Australia Head of Mortgages Fiona Prater said ING’s latest research reveals Aussies families are being savvy about their next move, re-evaluating what the ideal family home is.
“The pace of family life has picked up as we’ve emerged from the pandemic and families are undeniably wanting a more efficient and balanced lifestyle,” Ms Prater said.
“They’re willing to sacrifice a big home to be closer to amenities, family, friends and work in order to spend more time doing the things that matter most to them with the people they care for most.
“With the heightened costs of living, families are also thinking about how they can keep their costs down and a smaller home that’s closer to public transport or work and costs less to maintain is a smart way to achieve this.”
With this in mind, ING's commissioned survey revealed 35% of Aussie families in the past 12 months have considered renting or sub-letting parts of their home including spare rooms, garage or parking spaces, or their whole home while away on holiday.
Further, 28% have considered growing a veggie patch to save on rising grocery bills and 20% have added or requested that their landlord add solar panels to reduce their energy bills.
Tips for Aussie families looking for their ideal home
ING’s Fiona Prater outlined five tips for Aussies looking to enter the market for the first time, or upgrading to achieve growing family needs.
- Set a realistic and manageable budget for the home purchase – always leave some wriggle room to ensure you can manage changing circumstances.
- Shop around for a mortgage that suits you. For example if your goal is to pay it off as quickly as possible find a loan where you’re not going to be penalised for contributing more than the minimum repayments and one that has an offset account.
- Consider what features the home and its location need to suit your lifestyle. For example a low maintenance garden, proximity to work and school and within a friendly neighbourhood.
- Be prepared to make some compromises. The perfect home doesn’t always exist but you may be able to put your stamp on it over time.
- Spend time in the locations you like. Talk to local real estate agents, café owners and other families to really get a feel for the neighbourhood.
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