A growing number of Australians are prioritizing a change of scenery when it comes to their housing plans. According to Westpac’s 2024 Home Ownership Report, nearly a quarter of Aussies are looking to relocate to a new area, a significant increase from 16% in 2021.

The desire for more space and a quieter lifestyle has emerged as a key factor driving this trend. While the initial pandemic-fueled exodus to regional areas has cooled, the overall appetite for a change of location remains strong.

Suburban Living Reigns Supreme

The report also highlights a strong preference for suburban living, with three-quarters of Australians choosing suburbs over inner-city locations. This trend is particularly evident among younger generations, with Gen Z and Millennials leading the move to new areas.

What Homebuyers Want

When searching for a new home, Australians are increasingly focused on creating comfortable living spaces. A spare bedroom, outdoor areas like decks or verandas, and extra room for families to grow are now top priorities.

Westpac Managing Director of Mortgages, Damien MacRae, noted that the emphasis on space and lifestyle has surpassed the traditional focus on property investment for many homebuyers.

As the housing market continues to evolve, understanding these shifting priorities will be crucial for both homebuyers and the real estate industry.