Beach mansion dominates daydreams

05th December 2006

A mansion overlooking the beach is the great Australian dream of property buyers but many would be happy to settle for a comfortable suburban home, a survey has revealed.

A Mortgage Choice survey examining the emotions that drive people to buy property asked 1200 Australians what their dream home would be if money was no object.

Two groups were polled - people who had bought their own home in the past two years and those planning to buy within the next two years. The mansion by the beach was the most popular response in both groups.

Among the new homeowners, 34.8 per cent chose the oceanfront mansion, while 26 per cent said they'd opt for a comfortable suburban home on a quarter-acre block, 17.6 nominated a comfortable rural retreat, 11.5 per cent wanted a cosy coastal hideaway and 10.2 per cent dreamt of owning a city penthouse with great views.

Buyers-to-be were slightly less inclined to desire a beachfront mansion and slightly more keen on the city penthouse.

While Australians generally are keen on the sea change dream, many older respondents have their eyes set on a tree change instead, with the rural retreat gaining in popularity.

Mortgage Choice national corporate affairs manager Warren O'Rourke said the primary reason for buying property was unchanged - security and setting up for the future.

Among buyers-to-be, 43.3 per cent cited their main reason for buying property as setting themselves or their family up financially. That remained the most popular response for recent buyers, though the proportion choosing that option was lower at 37.9 per cent.

"It's not surprising that the fundamental reasons for buying a home remain the same, though it is interesting to see more future homebuyers are buying primarily for financial reasons," O'Rourke said. "It's an indication that Australians still see property as a potentially successful financial venture."

The type of home people wanted was changing, O'Rourke said, with buyers-to-be more likely than the recent buyers to want to buy small houses, townhouses and apartments. However, the small house (one to three bedrooms) was still the preferred home type, followed by the large house (four or more bedrooms).

The 'overall look and feel' of a home was the most important aspect in deciding on a purchase, ahead of price and location.

For those yet to buy a house, nearly half said the primary reason they hadn't entered the market as yet was they weren't confident they could finance a purchase. Females were more likely than males to give that response, while more males than females cited a lack of security in work or personal situations.

"Regardless, first homebuyers of both genders appear happy to wait until they feel they can afford the home they really want," O'Rourke said. "They seem more in tune with the housing affordability issue and want to make sure they can confidently make repayments."

 

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