Work space has been the biggest desire on the homebuyer list since pandemic: NAB

New NAB data details the factors that have become more important to Australian homebuyers since the pandemic.

Work space has been the biggest desire on the homebuyer list since pandemic: NAB
Work space has been the biggest desire on the homebuyer list since pandemic: NAB

The need for a work or study area has been the most important desire of homebuyers since the pandemic.

"More flexible working arrangements have driven the change in preferences, with commute times becoming less of a factor," NAB Executive, Home Ownership, Andy Kerr says.

It follows NAB research, which surveyed 330 property professionals, including investors, real estate agents, & developers.

It revealed around nine in 10 (86%) see a study or work area as more important now to homebuyers than it was pre-pandemic.

Other factors to hold greater value include good local shopping, restaurants and amenities (75%), the size of the property (65%), buying a house over an apartment (63%) and access to good public transport (51%).

“Lockdowns have reshaped how we live and with many at home for longer periods, the desire for a little more space has grown,” Mr Kerr said.

“This may mean a larger living room for the kids to play, a dedicated study to separate work from home life or a bigger backyard for the new puppy to run around.”

The factor that has shown the greatest decline in importance is the need to be in a metro area, with 57 per cent saying this is now less important. 

Victorians are seen most willing to move away from metro areas on the back of Melbourne’s longer lockdown.

In a similar vein, consideration of a move to regional areas is swelling, with 85 per cent listing this as a more important factor.

Buyers in NSW, home to Australia’s most expensive capital, are seen to be keenest to consider a regional move. 

This shows up in price data as regional NSW outpaces all other regions.

“The idea of a sea change or tree change is exciting to many Australians and a large number of customers have made the move in recent months as hybrid working models become more common,” Mr Kerr said.

“Our data shows more than one in 10 Australians expect to buy a home this year, and more and more will be looking further out than we have seen historically.”

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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