1. News

Covid 2022: How pandemic changed Aussie ‘relationship with property’ and what it means for year ahead

Aidan Devine

Aidan Devine

News Corp Australia Network

Home offices, larger blocks and low density locations further from the city have become prized features in properties as the Covid pandemic reshapes Aussie housing preferences.

A poll by CoreData, commissioned by Mortgage Choice, showed home buyers were looking at new attributes when considering houses, largely because of work from home arrangements.

The research revealed 42 per cent of those surveyed said they wanted a property with an extra room to double up as a home office.

MORE: Hemsworth eyes new oceanfront site

Karl Stefanovic’s luxe new Sydney home

Enviable school dropout got 30+ homes

And just over a third wanted more space, while another third wanted a home in a sea- or tree-change location.

Mortgage

Mortgage Choice and Smartline CEO Susan Mitchell. Picture: John Feder.


Nearly a quarter (23 per cent) said that living close to the CBD was a lower priority.

Mortgage Choice and Smartline CEO Susan Mitchell said Covid redefined Aussies’ relationship with property.

“Our latest research has shown that the demands of working from home over the last two years has changed homebuyers’ preferences when choosing what type of property they look to buy,” she said.

The Mortgage Choice data echoed research by realestate.com.au’s research arm PropTrack, which revealed house prices climbed at a faster pace than units at the start of the pandemic.

Space and more rooms are a higher priority for home buyers.


Similarly, prices for larger houses and units with more bedrooms increased faster than those with fewer bedrooms.

Houses and units with three bedrooms or more were among the most searched properties on realestate.com.au throughout 2021.

“It will be interesting to see whether these changes to consumer preference continue into the New Year and how they might shape the property market,” Ms Mitchell said.

“As the nation emerges from lockdowns, employers will begin to expect the workforce to return to the office. It is unclear how many will embrace a flexible working arrangement on a long-term basis and the impact this will have on property decisions.”

Ms Mitchell said some of the property preferences emerging during the pandemic were more aspirational and required stricter budgeting.

“An extra room might come with a higher price tag, but sensible changes to your daily spending habits might just secure that all important space for working from home.”

Editor’s pick videos