The property boom has failed to deter people from dreaming of their ideal residence, with a new HSBC surveyi revealing that the concept of the Great Australian Dream Home is very much alive in 2018 – with a couple of modern tweaks. While Australians might still aspire to a single-storeyii freestanding house with a backyard, they want to stamp their individuality on it and no longer see poolsiii, spare bedroomsiv or bathtubsv as vital features.
Respondents to the HSBC survey said that their perfect home would have a sense of luxury, especially Scandinavian in stylevi, with high tech amenities (61%)vii, a large modern kitchenviii, marble bathroomsix, entertaining areasx and walk-in wardrobesxi. Aussies still want some traditional features, with barbecues and Hills Hoists popular with the majority of people (81%xii and 57%xiii, respectively).
One in four Australians (27%) are not proud of their current homes, fuelling their desire to create their ideal abode. However, many do not yet feel able to realise their dreams – citing money, work and family commitments as the key barriers.
Nearly four out of five people would choose a large modern kitchen over proximity to popular cafés. And even the traditional shed is no longer in vogue with many men, who now hanker more for wine fridges and cellars.
Animals also play an increasingly important role in our dream homes. When given a choice between purchasing in a pet-friendly area or a preferred school catchment, two-thirds (69%) prioritised their pets over children (31%). One-quarter of Australians (26%) said the pet they had (or wanted) influenced their choice of housing.
HSBC’s Great Australian Dream Home survey of 2,000 people investigated Australian’s attitudes towards all aspects of home ownership, including their aspirations for their ideal homes and how they plan to achieve their dreams.
The study is part of HSBC’s annual Beyond the Bricks campaign which looks at home-buying habits and attitudes across the world.
Independent social researcher and futurist, Mark McCrindle, says: “This research shows that the great Australian dream is embedded deep in the national psyche. Our homes are more than our abodes – they express our identity, highlight our aspirations, facilitate our lifestyle and are the hub of the priorities of family and friends.”
Creating the dream home
Australians consistently dream about changes they would make to their current home. The most commonly needed renovations are new bathrooms (25%) ranked this as their top priority) and new kitchens (20%). Less than 1 in 10 (8%) said adding an extension was their most needed renovation.
While money may constrain some of their bolder ambitions, Australians are still very willing to spend money on personalising their homes, spending an average of $582 a year on home décor and $897 on fittings and fixtures. They also feel very little guilt about purchasing unnecessary or frivolous items that help them stamp their unique style on their propertiesxiv.
Alice Del Vecchio, Head of Mortgages at HSBC Australia, said Australians are as eager as ever to create their dream home and the recent softening in property prices and historic low rates may make it more attainable.
“Our customers continue to pursue their dream homes but are less eager to keep up with the neighbours and instead more determined to create a unique residence that reflects their personalities and lifestyle.”
“Our current home loan rate at HSBC is one of the lowest rates on the market, which means whether our customers are looking to get on the property ladder, considering a second investment property, or indeed wanting to crack on with those renovations, we can help Aussies realise their unique ambitions,” Ms Del Vecchio said.
Realising your individual home ambitions
Whatever your Great Australian Dream Home ambition is, HSBC can help. Our home loan rate of just 3.59% p.a *Conditions Apply (for owner occupied loans paying principal and interest) means you’re in a position to go out and find a property that’s a little more you.
Contact our local mortgage experts who specialise in owner-occupied and investment loans, and who can also help with your broader financial needs. You can enquire in-branch, over the phone on 1300 694 722, online at www.hsbc.com.au or through broker partners Aussie, Mortgage Choice, or Smartline.
The Great Australian Dream Home key findings:
Current home, household layout and usage
House pride and expenditure
When options for an ideal home are selected from two potential choices – Australians would choose:
|Master bedroom ensuite||91%||over a||Powder room||9%|
|Live near a park||89%||over a||Live near a gym||11%|
|Backyard||83%||over a||Rooftop terrace||17%|
|Nice views||82%||over a||Pool||18%|
|BBQ||81%||over a||Outdoor pizza oven||19%|
|Large modern kitchen||79%||over a||Live near popular cafes||21%|
|Have a car space||75%||over a||Live near a train station||25%|
|Own laundry||73%||over a||Dishwasher||27%|
|Walk-in wardrobe||72%||over a||Butler's pantry||28%|
|One story||72%||over a||Two story||28%|
|NBN||71%||over a||Cable TV||29%|
|Renovated kitchen but un-renovated bathroom||71%||over a||Renovated bathroom but un-renovated kitchen||29%|
|A garage but no spare bedroom||70%||over a||A spare bedroom but no garage||30%|
|Pet-friendly accommodation||69%||over a||Preferred school catchment zone||31%|
|Open plan living||69%||over a||Separated living / dining area||31%|
|Wooden floorboards / tiles||69%||over a||Carpet||31%|
|Walk-in shower (wet room)||66%||over a||Bathtub||34%|
|No pool||66%||over a||With pool||34%|
|Scandi interior design||63%||over a||Industrial chic interior design||37%|
|Home office||63%||over a||Media / gaming room||37%|
|Breakfast bar||62%||over a||Outdoor bar||38%|
|Marble in kitchen / bathroom||61%||over a||Subway tiles in kitchen / bathroom||39%|
|High-tech amenities||61%||over a||Period features||39%|
|Hills Hoist clothesline||57%||over a||Balcony||43%|
|A back yard but no spare bedroom||57%||over a||A spare bedroom but no back yard||43%|
The Great Australian Dream Home key findings:
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i 'The Great Australian Dream Home' – HSBC independent quantitative survey of over 2,000 nationally representative Australians, and qualitative survey of over ten nationally representative Australians aged 18+ years older conducted by Colmar Brunton
ii When options for an ideal home are selected from two potential choices – Australians would choose one storey (72%) over two (28%)
iii When options for an ideal home are selected from two potential choices – Australians would choose no pool (66%) over a pool (34%)
iv When options for an ideal home are selected from two potential choices – Australians would choose a garage over a spare bedroom (70%)
v When options for an ideal home are selected from two potential choices – Australians would choose a walk-in shower (wet-room) (66%) over a bathtub (34%)
vi When options for an ideal home are selected from two potential choices – Australians would choose Scandi interior design (63%) over industrial (37%)
vii When options for an ideal home are selected from two potential choices – Australians would choose high-tech amenities (61%) over subway tiles (39%)
viii When options for an ideal home are selected from two potential choices – Australians would choose large modern kitchen (79%) over live near popular cafes (21%)
ix When options for an ideal home are selected from two potential choices – Australians would choose marble kitchen/bathrooms (61%) over period features (39%)
x 'The Great Australian Dream Home' – HSBC qualitative survey of ten nationally representative Australians aged 18+ years older conducted by Colmar Brunton
xi When options for an ideal home are selected from two potential choices – Australians would choose a walk-in wardrobe (72%) over a butler's pantry (28%)
xii When options for an ideal home are selected from two potential choices – Australians would choose a BBQ (81%) over an outdoor pizza oven (19%)
xiii When options for an ideal home are selected from two potential choices – Australians would choose a Hills Hoist (57%) over balcony (43%)
xiv Average score of 2.7: To what extent are you guilty of purchasing extravagant, unnecessary or frivolous things for your house (0 = 'Not at all' and 10 = 'Very guilty')?