New Zealanders want bigger and better homes, and some are looking at moving out of the ‘Big City’, according to a recent survey of 1,300 Westpac customers.
The survey aimed to shed a light on Kiwis’ aspirations and household dynamics, two years into the pandemic. And what emerged was a surprisingly high share of respondents wanting to change their housing arrangements. Read on for some interesting takeaways.
Kiwis wishing to upsize
Nineteen per cent of people surveyed wished for a bigger house, as opposed to only 4 per cent who wanted a smaller one. This figure increased to 29 per cent of households with children, and 39 per cent of all those households who planned to move in 2022. Of those staying put, 34 per cent were considering renovations.
Months of extensive lockdowns and various degrees of restrictions can probably explain this trend. Of those who worked from home, for example, only 35 per cent did it from their study, while 24 per cent worked from their kitchen or dining room, and a further 23 per cent from their living room.
Small town appeal
Over 40 per cent planned to move to another suburb in the same area they currently lived in, while 21 per cent planned to move to a smaller city, town or region than the one they currently lived in. This rose to 27 per cent for Aucklanders.
Reasons for moving
For those considering moving house in the next year, almost half of respondents said they would do it for a better lifestyle, while a third were doing so to get more space. Among the top reasons for moving were also downsizing (16 per cent), a better return on investment (16 per cent), and lower costs (15 per cent). Plus, 8 per cent of people surveyed said they no longer needed to be in a specific location for work.
But many loved their home a little more
Despite the trend for many Kiwis wanting to change, 29 per cent of people felt more positive about their home since the pandemic started, and just 8 per cent felt worse about it. The remainder felt about the same as before.
A shelter from an uncertain world
According to Ian Hankins, Westpac NZ general manager of consumer banking and wealth, what people are looking for is a better lifestyle – and more control in an uncertain world.
“What are the things you can control? You can control renovating your house, you can control moving, you can control the lifestyle you have; spending more time at home now, you have got the ability to work more flexibly so I think all those things factor into some of the trends we are seeing in this data,” said Hankins.
Thinking about a property move?
Get in touch. As mortgage experts, we can help you understand your borrowing options and explain the current lending environment in detail, so you can make an informed decision about your next property move.
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