The crafty workarounds would-be buyers use to get into the market
First time buyers determined to enter the Australian property market are taking creative approaches as interest rates steady
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Aspiring first home buyers are increasingly pooling their resources, adopting new strategies and making compromises to get themselves onto the property ladder, according to research from Westpac. About 56 percent of buyers surveyed are planning to buy their first property jointly with their partner compared to 40 percent three years ago. Three in four buyers say they are willing to compromise on location, up nine percent from three years ago, and 47 percent are willing to pay lenders mortgage insurance to buy their first home sooner.
Additionally, one in two first home hopefuls are considering ‘rentvesting’, whereby they purchase an investment property first ahead of a home for themselves. In this scenario, buyers typically continue renting in expensive lifestyle locations where they want to live and buy an investment property in more affordable locations, often on the outskirts of major cities or in regional areas.
The 2024 Westpac Home Ownership Report, released this month, is based on a survey of 2,015 Australians conducted in January. The report revealed increasing intentions to buy among all types of buyers, with 44 percent intending to buy in the next five years, up from 35 percent in July 2023. This may reflect expectations that interest rates have peaked, with the Reserve Bank keeping rates on hold since December.
Among first home buyers specifically, there was a slight decline in purchasing intention over the next five years, with 86 percent delaying buying a home due to cost-of-living pressures. The survey also found that more people are planning to buy an investment property, which is reflected in recent finance data from the Australian Bureau of Statistics showing a 20 percent increase in the value of investor loans issued over the past year. Additionally, more people are planning to upsize their homes or renovate their existing homes.
Westpac managing director of mortgages Damien MacRae said first home buyers “are becoming more ruthless with their goals”. “They understand it’s a big task, but they are determined to break into the market and are willing to compromise to get there,” Mr MacRae said.
Buyers still prefer houses, but there has been a five percent decline in this preference since 2021 and a seven percent increase for apartments. Preference for a townhouse, or house and land packages, has increased markedly. “Buyers are casting their expectations wider, willing to compromise on location and are forgoing everyday luxuries like food delivery. They are also more inclined to relocate and move to apartment living.”
The latest Westpac-Melbourne Institute Consumer Sentiment Index released this week shows the ‘time to buy a dwelling’ index rose 4.9 percent to 77.8 out of 100 this month, which is a 15-month high, but still relatively weak overall. Buyer sentiment is notably stronger in Victoria at 84.3, with Westpac senior economist Matthew Hassan pointing to softening home values over the past four months.
In contrast, the NSW index is at 73.3 out of 100, likely reflecting affordability challenges in Australia’s most expensive market. “Nearly 70 percent of consumers expect housing prices to continue rising in the year ahead,” Mr Hassan added.
Whether it’s a soft butter or a rich shade of mustard, the sunny shade is showing its versatility in interior design.
The cult Australian accessories label has added a playful new collectible to its SABRÉMOJI range, a miniature padlock charm crafted with purpose, personality, and polish.
Award-winning landscape designer Jamie Durie has completed “Growing Home,” an eco-focused residence that balances sustainability, comfort and style.
2 min
Award-winning landscape designer and television host Jamie Durie has completed building his eco-friendly dream home on Sydney’s northern beaches.
Over a three-year journey, Durie and his partner Ameka Jane created what they call “Growing Home,” designed to prove that sustainability doesn’t have to mean sacrificing comfort or style.
The five-level residence includes five bedrooms, a gym, an office, landscaped gardens and an infinity swimming pool.
“The house is full of eco-innovation like our state-of-the-art geothermal heating and cooling system, this combined with our Solar system gives us the ability to be ‘grid independent’,” Durie said.
“Every element in this house has been engineered to serve a purpose – whether it’s saving energy, providing healthier air, or a greater connection to nature, the house was designed to be healthy for our family and the environment.”
Set on a steep 37-degree slope surrounded by native spotted gums, the home’s design responds closely to its environment.
“Building on a site like this means every decision has to respect the landscape,” Durie said. “It’s not just about fitting the house onto the land, but making sure the land feels part of the home.”
Large windows and open-plan spaces encourage airflow and blur the boundary between indoors and outdoors.
“We wanted the house to feel connected to the landscape through natural materials, textures, and light,” he added. “It’s about creating a calm, grounded space where we can grow as a family.”
Durie chose Bradford Gold High Performance insulation to help maintain stable temperatures, reducing reliance on artificial heating and cooling.
“Every detail in the home needed to elevate our quality of life and respect the environment,” he said. “With Bradford’s products, we’re able to create spaces that are peaceful, energy-efficient, and functional without sacrificing style.”
Other features include Luxaflex Duette Shades, crafted from 95% recycled materials, designed to regulate temperature while adding comfort and privacy.
“It’s not just about insulation,” Durie explained, “but about creating spaces that feel cosy and considered, no matter the time of year.”
Curved interior walls made possible with Gyprock Flexible add flow between spaces, while high-density Gyprock was used to reduce sound transmission.
“It’s all about layering softness and light,” Durie said of the use of Luxaflex® sheer curtains throughout the home. “The sheers run like waves along the track, wrapping the room in a way that feels both open and intimate.”
Outdoor living was another focus, with a patio leading to the pool and shaded by motorised Luxaflex Nordic Folding Arm Awnings.
“We knew we’d be spending a lot of time outside,” Durie said, “so it was important to have a solution that could handle Australia’s unpredictable weather.”
Durie describes the project as more than just a build, but an example of sustainable design in action.
“This project is about showing that sustainable design isn’t just possible – it’s beautiful,” he said.
“It’s about how thoughtful design and innovative products can make a house not just a home, but a legacy. Building smarter, creating homes that feel good to live in, and respecting the environment along the way.”
Award-winning landscape designer Jamie Durie has completed “Growing Home,” an eco-focused residence that balances sustainability, comfort and style.
The cult Australian accessories label has added a playful new collectible to its SABRÉMOJI range, a miniature padlock charm crafted with purpose, personality, and polish.
