🏡 why buyers are skipping school zones now

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BUYING TRENDS

New data reveals Aussie homebuyers’ wish-list

You thought you had it sussed when you memorised the best school zones in the state? Now, it’s time to get to know the in-laws.

As the Spring selling season kicks off, new research from Domain reveals a significant shift in the priorities of Australian homebuyers, with lifestyle and family-focused features leading the charge. Real estate agents are seeing increasing demand for homes that prioritise proximity to extended family, space for pets, and lifestyle amenities like cafes and parks.

Alice Stolz, Property Editor at Domain explained the growing importance of these features, which have overtaken traditional selling points like school zones and city living, as buyers seek homes that enhance their daily lives and offer long-term support networks. Alongside proximity to family, homebuyers are placing more value on lifestyle conveniences.

Domain’s research found that 36% of families seek homes near friends, 33% want access to local pubs and cafes, and 40% prefer a shorter commute. “People are increasingly looking for homes near cafes and parks because they can’t afford the big holidays like they used to,” explained Ms Stolz. These lifestyle elements are now seen as critical to creating a comfortable and community-focused life.

We want to be closer to the in-laws

Don’t scoff! According to Domain’s research, 58% of families now prioritise living near extended relatives, surpassing the 42% who still focus on school zones or childcare access. “Proximity to family is no longer just a nice-to-have; it’s become the number one priority over traditional considerations such as school zones and inner-city living,” said Ms Stolz. This growing trend reflects the value families place on the support networks provided by relatives, which has become more crucial due to rising childcare costs.

Place for my pooch

The demand for pet-friendly home and suburbs has surged with around 40% of families now prioritising their pets when it comes to searching for a a new abode. ”It is important that people live near the local dog park where you can have the off-leash section, etc.” Ms Stolz said families are now very upfront about making pet accommodation a key factor in their home search and real estate.

Bedrooms and privacy take priority

The demand for additional bedrooms remains high, with 88% of families citing it as their top priority. This reflects a growing need for privacy and personal space within the home and out ranks open plan living areas. “Millennials are driving this trend, wanting homes with smaller, private spaces rather than big open-plan layouts,” said Ms Stolz. ”I actually think this is going back to how we used to live generations ago, like in the 1930s, 40s. Much smaller rooms and less big open spaces.”

ICYMI, yesterday we covered some tips on how real estate agents are boosting sales with style

SMART SNIPPETS

Auction markets surge into Spring
Spring has sprung in Australia's property market, with clearance rates climbing to 71.7 per cent across the major cities. Sydney led the charge with a 73.2 per cent success rate, while Adelaide impressed at 80 per cent. The season's momentum is expected to build even further, with over 2,700 auctions scheduled next week.

Housing affordability has dropped to its lowest in almost 30 years.
The average loan repayment is now taking up 48.1% of the median family income, according to the REIA's June 2024 Housing Affordability Report. Rising interest rates and inflation have worsened affordability across most states, with only Victoria, the Northern Territory, and the ACT seeing slight improvements.

Housing targets prove elusive
The country is projected to miss its National Housing Accord target by 166,000 homes. Master Builders Australia predicts only 1,034,000 new homes will start construction from July 2024 to June 2029, falling 13.8 per cent below the government's target.

$1M discount
Well, this has got to sting both the agent and seller. Better Homes and Gardens star gardener Charlie Albone and his interior designer wife Juliet Love sold their home at a $1 million discount. Their 2.07-hectare retreat in Ourimbah, Central Coast, NSW was originally listed in February with a price guide of $3 million to $3.2 million and had its guidance revised to $2.45 million to $2.65 million before it was finally sold for $2.2 million.

SOUND WAVES

US politics: In today’s curated listen, Kamala Harris outlines her plan to crack down on landlords who use algorithms and price-fixing software to inflate rents.

Read the original article from The Real Deal here

AGENTS ON SOCIAL

Do you have “main character energy?” You’re “delulu” if you think you can sell to Gen Z without knowing their lingo.

Also, good luck trying to make sense of it 😬🙀

@yycnewhomes

What did i even say? 😂 #genz #slang #nocap #bussin #realestate #realtor

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Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

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