Young West Australian homebuyers are resigned to buying smaller homes in cheaper suburbs to enter the property market amid soaring soaring values and cost of living pressures.
But when it comes to outdoor living, a Bankwest’s Home Truths survey revealed West Aussies were generally less willing to give up property features such as a pool or deck compared to east coast buyers.
The reluctance to let go of luxury features, however, decreased among younger generations in the State.
The survey collected responses from more than 1700 Australians, looking at the willingness of Gen Z, Millennial, Gen X and Baby Boomer buyers to sacrifice property features in order to achieve their home ownership dreams.
Overall, West Australians intending to buy a house in the next five years were most willing to make sacrifices on the location at 38 per cent, with almost half of Gen Z buyers prepared to buy in a cheaper suburb (41 per cent).
When it came to sacrificing the size of the home, 36 per cent were willing to buy a smaller property, with Gen Z once again proving the most willing at 43 per cent.
While sacrificing features such as a pool or a deck was key to east coast buyers affording a home (42 per cent), the willingness to give away those luxuries decreased in WA (33 per cent).
Perth couple Anna Laycock, 31, and Aaron O’Connell, 29, were happy to compromise on location when they bought their first home in 2022 but drew the line when it came to giving up yard space.
“There were a few reasons we wanted a big yard — living in Australia, the weather and wanting to entertain guests outside, space for activities, for eventually when we get a dog, privacy and expansion potential,” Ms Laycock said.
Although the couple initially wanted to buy in Padbury, Craigie or Heathridge, they had to expand their search further north to ensure they got a larger block.
“We wanted a big backyard, which we did get in Kinross — our block is 525sqm and we have a four-bedroom two-bathroom house, we’ve been pretty lucky.”
Bankwest customer, marketing, and communications general manager Jodene Murphy said the heated property market, combined with cost-of-living pressures, had not dented homebuyers’ aspirations, but the survey revealed buyers were now more willing to sacrifice certain features to get into their own home.
“The differences between WA and the east are an interesting but WA’s young homebuyers are in far different circumstances to older generations, eyeing smaller properties in cheaper suburbs,” she said.