The pandemic has completely altered the way in which many Australians stay and work, so it’s no shock that housing preferences have modified.
Evaluating pre- and post-Covid, there was a sizeable shift within the variety of bedrooms patrons and renters are looking for. Bigger properties are extra in demand, notably on the subject of items.
The rise in work-from-home is the important thing driver right here, with many searching for further bedrooms to transform into research.
Two years in the past, two-bedroom items had been the most well-liked choice with patrons in New South Wales, accounting for 48 per cent of the share of all searches on realestate.com.au.
This has now shifted in favour of three-bedroom items, which have seen their share rise from 38 to 44 per cent over the 2 years ending August.
In terms of shopping for homes in New South Wales, it’s properties with 4 or extra bedrooms which have seen elevated demand, whereas these with fewer rooms have seen their share of searches fall.
Turning to the rental market we see the same pattern.
Throughout each homes and items there was a decline in searches for two- and three-bedroom properties in favour of 4 or extra.
However right here is the place the pattern diverges.
In distinction to purchase searches, which noticed demand for one-bedders decline, searches to lease one-bedders have as an alternative elevated.
This suits with census information which reveals that the proportion of one-person households elevated from 24 to 26 per cent between 2016 and 2021.
The pandemic doubtless contributed to this development, with lockdowns compounding the challenges related to share homes and household dwelling, inspiring many to maneuver out on their very own.
Except for an increase in searches for further bedrooms, property seekers are wanting particularly for houses with research. Between 2019 and 2021, the variety of purchase and lease searches filtered to incorporate a research elevated by 160 per cent.
With distant and hybrid working anticipated to remain, the modifications in property preferences that emerged over the previous two years are more likely to stay – whether or not that’s a necessity for extra bedrooms, a chosen research, or the transfer to single dwelling.
Anne Flaherty is an Economist at PropTrack.