After extended lockdowns in some states and a shift towards remote working across the country, property seekers are valuing space more than they did pre-pandemic.
Two years into the pandemic, after extended lockdowns in some states and a shift towards remote working across the country, property seekers are valuing space more than they did pre-pandemic. This has driven up demand for larger homes over the past 24 months.
However, this trend towards larger properties is nothing new. It’s more of a longer-term trend that has simply been sped up by COVID-19.
Five-day office weeks seem to be a thing of the past with flexible working now being the norm for most office workers. With more hours spent at home, Aussies are continuing to seek out larger homes to accommodate home offices and enjoy more of an open style of living.
This is shown clearly in search data from realestate.com.au.
Source: realestate.com.au Change represents percentage point difference from Feb 2020 to Feb 2022.
One and two-bedroom houses and units now make up a smaller share of searched properties compared to before the pandemic.
In contrast, three and four-bedroom properties are attracting more interest from potential buyers with their share of searches increasing over the past two years.
Larger homes have also seen faster price growth because of this demand. House prices have been growing more rapidly than unit prices and larger homes are seeing faster price growth than smaller ones.
An analysis of Australia's most-viewed listings in each state shows this trend.
Most of the listings list five or more bedrooms, lots of living and entertaining space and are nearby nature. And while homes like these may remain a dream for many Australians, it shows that there is lots of interest for more space.
This house in Burraneer is the most-viewed listing in NSW and has 7 bedrooms, 19 bathrooms and spacious entertaining areas both indoor and outdoor.
With working from home looking likely to stay the norm for many Australians, space will continue to be a key consideration for home buyers and the demand for larger homes is set to continue.
This article was originally published on realestate.com.au as ‘Australia's most-viewed listings show we're still looking for more space’. Where RAMS have made amendments to this article, this has been done with permission.