Home Ownership Dream Looks a Little Different

The Australian dream of home ownership remains alive and well – it just physically looks a little different now than a few years ago.

Analysis of purchasing patterns over the past five years by CommBank shows Australians are embracing higher density housing to get into the market.

It says one in four owner-occupier purchases in FY2021 were apartments, compared to one in three in FY2026.

There is little movement in where owner-occupiers are buying according to the analysis, with about 26% of purchases in both financial years in inner metropolitan areas.

CommBank’s Executive General Manager of Home Buying, Marcos Meneguzzi, says as affordability becomes more challenging, buyers are thinking differently about what their home might look like.

There has also been an increase in the number of borrowers seeking to build, with a 25% rise in construction lending applications in the past 12 months.

The analysis shows the total number of home purchases is up 22% in the ACT, 9% in Tasmania and 8% in NSW in the past financial year.

Queensland purchases are up 5%, South Australia, 3% and Victoria is down slightly – 0.8%.