Bathurst Blog

Home Buyers Priorities

A new Westpac study looked at values Australians place on different features of a home and its neighbourhood. Interestingly, values placed by fashionable magazines and advertisers seemed out of step with the findings.

Westpac’s 2016 Home Ownership report revealed 80% of home owners surveyed think staying within budget the most important thing, 66% think neighbourhood safety comes first, while 51% think a backyard is essential. In general, home owners thought that a modern bathroom or kitchen was ‘nice to have’.

A secondary level of essentials includes the home’s proximity to the owner’s place of work (26 per cent), educational facilities (25 per cent), parks and/or recreational facilities (25 per cent), and family and friends (21 per cent).

Westpac Group Head of Home Ownership Chris Screen said that when purchasing property, Australians are buying lifestyle that comes with the home. “Our research indicates that in an increasingly competitive housing market, budget conscious home buyers are prioritising the enjoyment and lifestyle a particular home could bring. This may be through choosing a home with a backyard that has space to play in, or one in a safe and friendly neighbourhood”.

Different age groups have different priorities. A young couple starting a family look for good value with potential for growth, while an older couple nearing retirement might prefer plenty of off-street parking, a quiet neighbourhood or a house that’s ready to move into.

At Raine & Horne Bathurst we have the experience to assist and guide you whether selling, buying or renting, no matter what your criteria. If you have a question, contact Raine&Horne Bathurst or alternatively drop into our office for a confidential discussion.

Michelle Mackay

Selling Director

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