The Great Australian Dream of owning a home strikes a chord throughout the generations, with Australians young and old seeking the security that a foothold in the property market delivers, a recent online national survey conducted by Mortgage Choice has confirmed.
The survey found that financial security was a key driver for most of the 1000 respondents, whether they had bought property in the last two years or were planning to do so in the near future.
Entering the property market to set themselves up financially for the future was nominated by just over a third of recent buyers (33 per cent) and 31 per cent of future buyers, while nearly one quarter of recent buyers did so to secure their foothold in property.
This was also the case for just over 15 per cent of future buyers.
Twenty two per cent of future buyers also strongly desired the overall security of a home base.
Mortgage Choice National Corporate Affairs Manager, Warren O'Rourke said the survey was created to understand the motivations or emotional drivers for people when buying property.
"It also aimed to establish what a homebuyers' ideal property would be in an `ideal world'", O'Rourke said.
Most property purchase decisions are taking place within a partnership, with 76 per cent of recent buyers purchasing property with a partner and 61 per cent of future buyers planning to take this step. Twenty per cent of recent buyers chose to enter the property market solo, while 30 per cent of future buyers are planning to do so on their own.
Location-wise, being near facilities was the biggest priority for recent buyers (25 per cent) followed by close proximity to work (16 per cent), near ocean/parkland (15 per cent) and schools (14 per cent).
Lifestyle factors such as being near ocean/park/bushland/the city were the hottest priorities for future buyers (25 per cent) followed by proximity to facilities such as shops and libraries (22 per cent), being near work (18 per cent) and public transport (15 per cent).
So, what sort of property do tomorrow's buyers want?
The survey found that buyers of tomorrow are weighing up their desire for an oceanfront mansion or a suburban home on a quarter acre block with a mere 0.2 per cent between the results (30.4 per cent oceanfront/ 30.6 per cent quarter acre).
Interestingly, `buyers-to-be' are looking at smaller properties when compared with those who have bought in the last two years.
43 per cent of those who bought in the last two years bought a small house, while 53 per cent of `buyers-to-be' plan to buy a small house. 36 per cent of recent property purchasers bought a large house (four bedrooms or more) while only 27 per cent of future property buyers plan to buy a large house.
Tomorrow's buyers are more concerned about a property's overall look and feel (30 per cent), than price, which came a close second (27 per cent) followed by convenience of locality (22 per cent).
Nearly 30 per cent are living with their partner and 27 per cent are living with their partner or children and interestingly, nearly 19 per cent of tomorrow's buyers are living with their parents and 30 per cent of them are born 1978 or later.
More than half will buy a small home (1-3 bedrooms), 27 per cent will buy a large home (4+ bedrooms) and 11 per cent will buy a small unit or apartment.
31 per cent are buying to set themselves up financially/set their family up financially for the future, 22 per cent like the overall security of a home base, 18 per cent are buying so they can move in with their partner/provide for their future husband/wife and just under 10
per cent have started a family and want to provide a home for them.
Of these future buyers, women had a stronger propensity for the suburban home on a quarter acre block than men (35 per cent vs 28 per cent) versus an overall figure of 31 per cent.
