What buyers want: The most sought after property features
A swimming pool in the backyard is still the quintessential Aussie dream, but more homebuyers are considering dual living arrangements amid the rising cost of living.
These are the trends to emerge from an analysis of the keywords homebuyers searched for most on realestate.com.au last year.
Buyers have again placed 'swimming pool' at the top of the wish list the data found, unsurprising for a nation of keen swimmers - five million Australians now swim regularly or occasionally, equivalent to 23% of the population, according to Roy Morgan.
More than 3.1 million Australians also live in a house with a swimming pool or spa. This is equivalent to one-in-seven Australians (14%) and up slightly from 13% in 2018, the market research company reported last year.
The 'garage' was the second most popular search term, a versatile storage space some people conveniently converted into a home office, gym or entertainment space during the pandemic.
Other popular terms on the top-ten list included 'air conditioning', 'ensuite' and 'study'.
And it’s a trend that seems here to stay, given 37% of Australians are now working from home regularly - a figure five percentage points higher than pre-pandemic levels, according to data by the Australian Bureau of Statistics released in December.
Meanwhile, the keywords recording the largest increase in searches reflect a growing desire for dual living properties.
The term 'dual living' was number one on this list, while 'granny flat' and 'duplex' feature in the top four.
PropTrack senior economist Eleanor Creagh said the results reflected the cost of living pressures.
According to Australia’s largest home builder, Metricon, more people are turning to dual occupancy homes in the current climate, which offer the potential to make more income from a single land title.
Metricon Homes said its dual occupancy business has grown nationally by 25% over the past four years, and in recent months inquiries have surged.
The growing demand for dual living and duplex homes has come especially from the inner urban suburbs where the blocks are larger and the outdated homes on them no longer serve the homeowner’s needs, the builder said.
“In the last 12 months alone, there has been a substantial increase in inquiries, evident from the 230% surge in traffic to the dual occupancy section of Metricon.com.au,” Metricon general manager of sales, Drew Glascott, said.
With soaring land prices, many people want to explore what development is possible on their existing land, he said.
“Many of our customers choose to live in one home and rent or sell the other,” Mr Glascott said. “Others see the opportunity for profit and develop and sell all homes.
“Most often if the land is already owned, equity in the land can be used to fund the build and therefore it’s not a build process that requires a large investment to commence.”
Granny flat reforms boost demand
The keyword 'granny flats' recorded the second largest increase in searches on realestate.com.au, coinciding with state government reforms to increase housing supply.
On Tuesday, the WA government announced planning approval will no longer be required to build granny flats up to 70sqm, provided they are compliant with setback requirements.
In Victoria, a planning permit will no longer be needed to install a 'small second home', as long as it’s built on a property of at least 300 square metres with no flooding or environmental overlays.
And in South Australia, reforms announced in November mean granny flats can now be rented to anyone rather than limited to immediate family members only.
Homeowners in NSW can also build a compliant granny flat on their property without the traditional council approval process.
What high-end buyers want
At the premium end, the key terms 'water views', 'penthouse' and 'ocean view' rounded out the top 10 list of key terms showing the largest increase in searches.
Ms Creagh said this reflects the upper end of the market, which has been more impervious to rate hikes.
“All of the top end of the market still performed well last year and buyers with large deposits were more active,” Ms Creagh said.
“Significant home equity gains over the past few years have likely encouraged upgrader activity.”
The 'gym' was also in the top 10, likely a hangover from the pandemic era when gyms were closed and people turned to the home for their workouts.
For the cash-strapped, a home gym is also likely to save some pennies, given Australians splash billions on sport and physical activity each year.
Melissa Iaria, Property reporter
