Australians Say Home Ownership Means Happiness
A new report shows 70 percent of Australians feel that owning a home contributes to their personal happiness in life.
2 min
Most Australians feel that home ownership is important for their overall happiness, providing not only a sense of financial security but also contributing to their emotional wellbeing. Those are the findings of a research report undertaken by the customer-owned Great Southern Bank.
The research contains insights from almost 2,000 Australians on how they’re feeling about their current living situation. It found homeowners are significantly happier with their homes than renters, and the more equity they have in their homes, the happier they feel. Happiness is highest for mortgage-free homeowners, with 57 percent saying they were ‘very happy’ compared to 45 percent of homeowners with a mortgage and 29 percent of long-term renters.
Megan Keleher, Chief Customer Officer at Great Southern Bank, said: “What this report illustrates is the strong link between home ownership and happiness – in fact 7 out of 10 Australians say home ownership is important to their overall happiness,” Ms Keleher said. “Just 5 percent – or one in 20 – say it is not at all important. And perhaps not surprisingly, happiness with our home increases as we get older, and as we move towards becoming mortgage-free.”
The report found that 51 percent of renters are feeling heavily burdened by their financial commitments compared to 36 percent of homeowners. About 84 percent of long-term renters say they are concerned about current cost-of-living pressures compared to 73 percent of homeowners. And 80 percent are worried about housing affordability compared to 62 percent of owners.
Ms Kelaher said 29 percent of renters and 18 percent of long-term renters were still feeling confident that they could achieve their home ownership dreams. One in two renters said they were hopeful of buying a home to live in within the next three years, however saving a deposit is the key barrier.
“Of course, we acknowledge that the homeownership journey can be difficult and one of the biggest challenges faced by first home buyers is saving a deposit,” said Ms Keleher. “For those buyers who are finding it difficult to save a deposit, there is support available from several government initiatives. For instance, the Federal Government Home Guarantee Scheme’s expanded eligibility criteria is helping more first-time buyers, as well as those who haven’t owned a home for many years.”
One in 10 respondents who had previously planned to buy a home are now holding off, saying they feel deterred by rising property prices (60 percent), the cost of living (60 percent) or rising interest rates (45 percent). New CoreLogic data shows the national home value rose by 8.1 percent in 2023. Meantime, interest rates have risen dramatically since May 2022 from an emergency low of 0.1 percent to 4.35 percent today.
The report also asked respondents how satisfied they were with various elements of their homes, such as style and location.
About 72 percent of baby boomers were happy with their home’s location compared to 61 percent of Gen Xers, 58 percent of millennials and 48 percent of Gen Zs. About 62 percent of baby boomers liked the internal look and feel of their homes versus 51 percent of Gen Xers and 48 percent of both millennials and Gen Zs.
It appears many Australians are living in homes that are too big or small for them, with the size of homes recording some of the lowest satisfaction scores. Just 65 percent of baby boomers are happy with the size of their homes compared to 48 percent of Gen Xers, 42 percent of millennials and 40 percent of Gen Zs.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
A Sydney site with a questionable past is reborn as a luxe residential environment ideal for indulging in dining out
2 min
Long-term Sydney residents always had handful of not-so-glamourous nicknames for the building on the corner of Cleveland and Baptist Streets straddling Redfern and Surry Hills, but after a modern rebirth that’s all changed.
Once known as “Murder Mall” or “Methadone Mall”, the 1960s-built Surry Hills Shopping Centre was a magnet for colourful characters and questionable behaviour. Today, however, a $500 million facelift of the site — alongside a slow and steady gentrification of the two neighbouring suburbs — the prime corner property has been transformed into a luxury apartment complex Surry Hills Village by developer Toga Group.
The crowning feature of the 122-apartment project is the three-bedroom penthouse, fully completed and just released to market with a $7.5 million price guide.
Measuring 211sqm of internal space, with a 136sqm terrace complete with landscaping, the penthouse is the brand new brainchild of Surry Hills local Adam Haddow, director of architecture at award-winning firm SJB.
Victoria Judge, senior associate and co-interior design lead at SJB says Surry Hills Village sets a new residential benchmark for the southern end of Surry Hills.
“The residential offering is well-appointed, confident, luxe and bohemian. Smart enough to know what makes good living, and cool enough to hold its own amongst design-centric Surry Hills.”
Allan Vidor, managing director of Toga Group, adds that the penthouse is the quintessential jewel in the crown of Surry Hills Village.
“Bringing together a distinct design that draws on the beauty and vibrancy of Sydney; grand spaces and the finest finishes across a significant footprint, located only a stone’s throw away from the exciting cultural hub of Crown St and Surry Hills.”
Created to maximise views of the city skyline and parkland, the top floor apartment has a practical layout including a wide private lobby leading to the main living room, a sleek kitchen featuring Pietra Verde marble and a concealed butler’s pantry Sub-Zero Wolf appliances, full-height Aspen elm joinery panels hiding storage throughout, flamed Saville stone flooring, a powder room, and two car spaces with a personal EV.
All three bedrooms have large wardrobes and ensuites with bathrooms fittings such as freestanding baths, artisan penny tiles, emerald marble surfaces and brushed-nickel accents.
Additional features of the entertainer’s home include leather-bound joinery doors opening to a full wet bar with Sub-Zero wine fridge and Sub-Zero Wolf barbecue.
The Surry Hills Village precinct will open in stages until autumn next year and once complete, Wunderlich Lane will be home to a collection of 25 restaurants and bars plus wellness and boutique retail. The EVE Hotel Sydney will open later in 2024, offering guests an immersive experience in the precinct’s art, culture, and culinary offerings.
The Surry Hills Village penthouse on Baptist is now finished and ready to move into with marketing through Toga Group and inquiries to 1800 554 556.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
