Despite a perceived lack of affordability buyers remain steadfast in their pursuit of their dream location and property features, according to realestate.com.au.
The online listings website’s Housing Affordability Sentiment Index reported that around half (48%) of prospective buyers were not willing to buy further than 10km from their ideal location, with swimming pools the only feature most were willing to sacrifice.
Andrew Winter, host of LifeStyle Channel’s Selling Houses Australia, said Australians have proved astute when buying property.
“Buyers will not budge on things like location, outdoor space, and privacy in order to enter the market,” he said.
He added that rather than sacrificing their dream home and location, many Australians are foregoing luxuries by cutting spending on luxury vehicles, other luxury items and even a second car to achieve their property dream.
“If it means they have to wait to enter the market, they are prepared to do the hard yards and the saving in order to get there,” Winter said.
