New data has blown apart long-held assumptions about what Aussies really want in a home, revealing some truly surprising trends that could redefine our housing landscape.
Forget the city apartment dream – it seems every generation, from Gen Z to Baby Boomers, is united by a surprising obsession, and it’s putting immense pressure on one overlooked corner of the market.
A new survey by Money.com.au has unveiled the property types Aussies are clamouring for, and the results are nothing short of eye-opening. The undisputed champion across all age groups? Brand new homes.
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Baby Boomers are leading the charge, with a whopping 34 per cent preferring new over old. Gen X (31 per cent), Millennials (30 per cent), and even Gen Z (29 per cent) aren’t far behind, all showing a strong preference for untouched bricks and mortar.
Money.com.au’s property expert Debbie Hays isn’t surprised.
Source: Money.com.au s
“This is another sign that the housing shortage isn’t a demand problem, but a severe and systemic delivery problem,” she explains.
“New dwelling approvals are trending down, particularly apartments approvals.
“At this stage, only a miracle can help us meet the National Housing Accord target of 1.2 million new homes before 2030.”
For younger buyers, the appeal is multifaceted.
“New builds often qualify for state grants and incentives that existing properties don’t, which plays heavily into their preferences,” Ms Hays notes.
“On top of that, new homes are widely viewed as future-proof, more energy-efficient and backed by warranties, so it gives young buyers a greater sense of safety.
“In a cost-of-living crisis, that certainty matters, even if buyers know a new home takes much longer to build these days or requires a higher upfront investment.”
When it comes to housing, new is best and first homebuyers John Denholm and Savannah Little agree.
Older Australians, too, are drawn to the shiny and new.
“For older Australians, the appeal is different but just as strong. They’re prioritising low-maintenance, purpose-built homes as they downsize or plan for retirement,” Ms Hays adds. “Contrary to the perception that older Australians are holding onto large family homes, you could argue many are just waiting for suitable new, efficient housing before making that move.”
The apartment flop: Why city living isn’t cutting it
Perhaps the most shocking revelation? The widespread unpopularity of city apartments. Despite policymakers often pushing for increased density and assuming younger generations would “embrace density,” demand for apartments in metro areas didn’t even crack double digits across any age group.
“This challenges the assumption that younger Australians want apartment living,” Ms Hays states bluntly.
“It reinforces that density targets don’t automatically align with buyer preferences, especially when apartments are smaller, expensive in strata fees, or perceived as poor value overall.”
The unexpected convergence: Gen Z and Boomers unite
While new builds are the top pick, the survey also uncovered a fascinating convergence in the “missing middle” housing category.
Gen Z and Baby Boomers, at opposite ends of the life spectrum, are both quietly over-indexing for townhouses and duplexes.
First-home buyers William Smith and Alicia Morgan outside their unit in Yeerongpilly, Brisbane. Picture: Lyndon Mechielsen
For Gen Z, it’s all about affordability, a crucial factor in today’s market.
For Boomers, it’s the perfect low-maintenance option for downsizing and retirement.
This dual demand is putting immense pressure on an already constrained segment.
“Medium-density housing types like townhouses and duplexes are chronically undersupplied in Australia,” Ms Hays warns.
And if you thought city apartments were unpopular, consider this: acreage property proved more popular with buyers overall than duplexes, townhouses, and city apartments.
A surprising 10 per cent of those surveyed are looking to move to regional areas, compared to 9 per cent for city apartments.
As for the ultimate property nightmare? Fixer-uppers.
Only a meagre 4 per cent of respondents are keen to get their hands dirty in the new year, proving that most Aussies prefer their homes move-in ready.
English (US) · 