Two years after the pandemic, after the blockades in some states have been extended and people have moved to work from home across Australia, real estate hunters are more focused on space than before the pandemic. This has led to increased demand for larger homes over the last 24 months.
However, this trend towards larger dwellings is not new, it is a long-term trend accelerated by COVID-19.
Five-day office week seems a thing of the past, and flexible work is now the norm for most office workers. As we spend more time at home, people continue to look for larger homes to accommodate their home offices and more open lives.
This is evident in the search data at realestate.com.au.
One-bedroom and two-bedroom homes and units have a lower percentage of properties searched than before the pandemic.
In contrast, 3-bedroom and 4-bedroom homes are attracting more attention from potential buyers as their search share has increased over the last two years.
As a result, prices are rising faster, even in larger homes. Home prices are rising faster than unit prices, and large homes are rising faster than small homes.
More insights from a team of PropTrack experts:
An analysis of Australia’s most viewed lists in each state shows this trend towards more space.
Most of the list boasts more than 5 bedrooms, ample living and entertainment space, and is surrounded by its own natural paradise.
Located in Burraneer, this home is the most viewed list in New South Wales, with 7 bedrooms, 19 bathrooms, and spacious entertainment areas both indoors and outdoors. Photo: realestate.com.au/buy
They will continue to be a dream for many Australians, but it shows a great deal of interest in more generously sized homes.
Space remains an important consideration for homebuyers, as telecommuting is likely to stay for some time for many Australians, and demand for larger homes will continue.