The top priorities of today’s buyer
An individual’s borrowing capacity is now the most important thing influencing their buying strategies, according to new research.
In the latest NAB residential property survey, more than eight in ten property professionals (82 per cent) said the amount buyers could borrow is now the key determinant in steering Australian purchasing decisions, up from 74 per cent a year ago before interest rates started climbing.
The new findings also showed that buyers are choosing locations with convenient access to the locations they visit most frequently. Six out of ten (60 per cent) cite local shopping, schools, work, and other amenities as important.
"Location is still one of the most critical buying factors, and flexible working is here to stay, so where Aussies buy continues to be important. We all love walking to our local café or shops and this has continued to be a trend in the survey," NAB Executive Home Ownership, Andy Kerr said.
House size was also becoming more significant, up from 50 per cent in 2021 to 57 per cent.
In contrast, fewer people cited buying a house rather than an apartment (45 per cent down from 53 per cent), land size (44 per cent down from 52 per cent), having a work or study location (21 per cent down from 26 per cent), or living in a regional area (16 per cent down from 21 per cent) as important factors.
"A trend we are seeing emerge from the pandemic is more Aussies considering apartments over houses for the first time since the survey began," Mr Kerr said.
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