The Australian public has voted – living space is more desirable than city living. That’s according to a new study by Compare the Market Australia, in which more than 1,000 Aussies were surveyed.
The study found that 41.9% of Australians would not downsize their current home in order to live closer to the city, with a further 29.4% reporting no desire to live near the city whatsoever. Only 18.8% would downsize for city living, with the final 9.9% of Aussies currently living downtown.
| Considering your current living situation, would you be willing to downsize in order to live closer to the city? | |
| Australia | |
| No | 41.9% |
| I have no desire to live near the city | 29.4% |
| Yes | 18.8% |
| I already live in the city | 9.9% |
Note: Values may not add to 100% due to rounding
Of those who would trade their space for city living, pools and garden sheds placed as the amenities Aussies would most readily give up in their downsize, a sentiment shared for the most part by Canadians and Americans.
| Which amenities would you be okay to give up in order to live closer to the city? | |
| Australia | |
| Pool | 57.9% |
| Garden shed | 42.1% |
| Backyard | 35.8% |
| Spare room | 33.7% |
| Garage | 17.9% |
| Car park space | 17.9% |
| Built-in robe | 16.3% |
| Laundry | 11.1% |
| Patio | 11.6% |
Note: Multiple answers (max. 3) could be selected, as such total exceeds 100%
Perhaps due to our warmer climate, respondents valued home laundries the most of any other amenity, with 50.0% of Australians being unwilling to trade their home laundry space for city living.
| Which amenities would you be not okay giving up in order to live closer to the city? | |
| Australia | |
| Laundry | 50.0% |
| Car park space | 38.9% |
| Garage | 34.7% |
| Spare room | 30.0% |
| Built-in robe | 24.7% |
| Backyard | 22.6% |
| Pool | 12.6% |
| Garden shed | 10.0% |
| Patio | 10.0% |
Note: Multiple answers (max. 3) could be selected, as such total exceeds 100%
Compare the Market’s General Manager of Money, Stephen Zeller, notes the importance of comparing home loans, no matter where you’re looking.
“Whether you’re in the market for a sprawling Queenslander, or a compact apartment downtown, it’s always important to compare your options,” Mr Zeller said.
“Purchasing a home, no matter the location or size, can be a daunting experience, so it’s good to keep in mind the tools you have at your disposal.
“Knowing which home amenities you definitely want and which you’re willing to compromise on can help you narrow down which properties are right for you.
“In addition, using comparison services can help you find a competitive interest rate on offer.”
For full data, assets and methodology, please visit: Downsizing Dilemmas
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For interviews and more information, please contact:
Lachlan Moore | [email protected]
About comparethemarket.com.au
Compare the Market is a comparison service that takes the hard work out of shopping around. We make it Simples for Australians to quickly and easily compare and buy insurance, energy, and home loans products from a range of providers. Our easy-to-use comparison tool helps you look for a range of products that may suit your needs and benefit your back pocket.
