In addition to traditional factors like location and space, homebuyers are making lifestyle a top priority this spring selling season.
Domain's research shows that while better suburbs (35%), detached homes (26%) and larger properties (26%) remain top priorities, buyers are increasingly prioritizing features that enhance their specific lifestyle needs.
Alice Stoltz, real estate editor at Domain, said personal preference will be more important than ever this year.
“While location, number of bedrooms and home size remain important considerations for Australians when buying a home, Domain's latest research shows people also place greater weight on other property factors that benefit their unique lifestyle,” Mr Stortz said.
The data also highlights stark generational differences in homebuying preferences.
Gen Z (48%) and Gen X (39%) prioritize a better location, while Millennials want a bigger home (37%) and Baby Boomers prefer newer homes and modern buildings (30%).
Being close to family is an important factor for older generations, with 27% of Baby Boomers and 33% of the Silent Generation citing this as a major factor.
The younger generation has different priorities.
Gen Z values homes with more bedrooms (18%) and shorter commutes (14%).
Millennials want freestanding homes (28%) with backyards (14%) and bathrooms (17%).
Gen Xers want single-family homes (29%) on quiet streets (23%) and with functional floor plans (14%).
The survey also revealed what buyers are willing to compromise on.
Unique amenities (25%), modern design (18%) and work-from-home space (16%) are the top trade-offs buyers are willing to make.
However, Australians are least likely to compromise on garage or off-street parking (6%), a functional floor plan (6%) and shorter commute times (8%).
Interestingly, just 8% of respondents said they would sacrifice proximity to a pub or cafe, highlighting the importance of lifestyle amenities in property decisions.
Generational differences in trade-offs are also evident.
Only 1% of Gen Zers would give up a shorter commute, while 22% would give up character features.
Millennials are the least likely to compromise on investment availability (4%) and access to preferred school districts and child care facilities (10%).
Gen Xers are the most willing to sacrifice distinctive features (25%), but will prioritize a functional floor plan.
Baby Boomers will forgo larger homes (31%) and lots (26%) for amenities that better suit their lifestyle.
The Silent Generation refuses to compromise when it comes to quiet streets, garages and proximity to pubs and cafes.
“Buying a home is one of the most personal and complicated decisions you'll make in your life,” Stoltz said.
“Whether it's an extra room for that dream baby, a faster commute that makes it easier to balance work and family, or a great local pub for steak night, we all have constantly changing priorities and are increasingly willing to compromise to make those priorities a reality.”
