Australians are increasingly “thinking small” when it comes to buying a home and cracking the property market – and with perks such as affordability, more central locations, and lower maintenance, it’s little wonder why.
Many Australians are crossing the McMansion off their wish list in favour of smaller, smarter, low-maintenance homes.
A recent ING study surveyed over 1000 Australians about their home preferences.
Over a quarter (26%) said the cost of maintaining and running a larger home would see them gravitate to a smaller abode.
And 19% said they’d consider a smaller outdoor area for ease of maintenance.
Despite Australia having some of the biggest homes in the world, according to the 2020 CommSec Home Size Report, it seems there’s a swing in the other direction.
A 2022 Australian Bureau of Statistics (ABS) report shows that Australian homes are being built on smaller blocks, with a size decrease of 13% over the past 10 years in capital cities.
So why the switch to smaller homes?
What are two things we all wish we had more of – money and free time, am I right?
With the cost of living rising (as well as the cash rate!), cracking the property market can feel like a slog – but revising your wish list to include a smaller (and smarter) home could make it easier.
On average, smaller homes, townhouses, and units tend to be more affordable.
This can be a great option for those wanting to get into the housing market in a more attractive location – but a smaller dwelling delivers other perks, too.
Smaller homes can be more efficient when it comes to energy consumption, require less furnishings and potentially less maintenance.
ING’s study highlighted the growing preference for lower-maintenance homes to simplify lifestyles.
According to the ABS, Aussies spend around three hours a day on domestic activities – but a smaller space can reduce cleaning time.
And with a smaller outdoor area, you can reclaim your weekend and say goodbye to all that gruelling yard work too.
Get the ball rolling today
Opting for a smaller, more affordable property could help you speed up your home-buying journey and get you into the property market sooner.
While you search for the perfect small abode, we can get to work on the home loan hunt.
Whether you’re looking for your first home, next home or dream home – The Capricornian has a team of lending specialists ready to help get your loan approved locally.
If you’d like to find out more, get in touch today.
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