Australians choose fur-babies over family and friends when looking
for a home
Australians prioritise pet-friendliness over proximity to family and friends when looking for their next home, according to the Suncorp Home Index Report (a national survey of more than 1,600 Australians).
The new Suncorp research revealed that:
Over half of Australians place more importance on the home’s pet-friendliness rather than its proximity to family (46 per cent) and friends (39 per cent).
More than a third of Australians (38 per cent) admit to loving their pets more than their human family members.
Suncorp EGM Lending Glenn Haslam said the findings indicate pets are becoming more important members of the family.
"Australia has one of the highest rates of pet ownership in the world so there is no question – pets are adored members of the modern Australian family," Mr Haslam said.
"This is even more true for younger generations with 59 per cent of those aged 18-34 placing importance on a potential new home’s pet-friendliness.
"It can be difficult to find a home that ticks all of the boxes, so buyers need to make sacrifices and prioritise what’s most important to keep within budget – and this can sometimes mean living further away from friends and family."
Ray White New Farm Principal Matt Lancashire explained dog and cat friendly properties tend to have higher sale prices and more rental applications.
“More than two thirds of households now own pets. 30 per cent of Australians rent and 62 per cent own a pet, but last year, just 10 per cent of rental homes were labelled as pet-friendly. It certainly doesn’t just stop at renting either,” said Mr Lancashire.
"One of the main questions we get asked by potential buyers is if it is a pet-friendly building. If a building is petfriendly, there’s certainly a positive impact on price due to increased competition.”
The research showed 7 in 10 Australians stick to their budget when purchasing a new home and Mr Haslam explained that saving for a deposit and finding out how much you can borrow are the first steps to finding your new home.
"Whether you’re looking for an apartment or for a house, if you’re in the market for a new home, the best way to understand how much you can borrow and what properties you can afford to purchase is to set up a chat with either your bank or your broker," said Mr Haslam.
"With interest rates as low as they currently are, now is the perfect time to start those conversations."
Additional key findings
The most important factor when buying a home was how your home looks on the inside (73%) such as the décor and cleanliness, followed by distance from shops, schools and hospitals (72%).
Difficulty in finding a suitable property is seen as the most challenging factor when buying a property (26%). 18-34 year olds are more likely to not have a large enough deposit, while 35-54 year olds are more likely to be unable to afford a home they want.
7 in 10 Australians stated that they stick more or less to their budget when purchasing their home. 55+ year olds are less likely to go over their budget (8%) when purchasing their home.
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