As a nation, we’re property-obsessed
The obsession with property has been etched onto the national psyche and more than half the population will do what it takes to achieve the Australian Dream.
Home ownership is seen not just as a goal but as a critical milestone in life, symbolising stability and success. This deep-seated aspiration continues to drive trends, redefining our understanding of the home-buying journey.
Since the early 90s, Australian house prices have risen 550%
25 years ago, average houses cost nine years of the average household income, now they cost 16.5 years
Chart: Greg Jericho • Source: ABS 6416.0, 52060. Prior to 2002, mean index of established housing used
Despite this, Aussies are determined to get their slice of the dream
Want to own a home in their lifetime
Are certain they will achieve it
Source: Nine’s Idea Exchange, August 2024
From defined by society to defined by individuals
"Purchasing a home is a personal thing. Learning about yourself to help define your goals and aspirations. Evaluating which methods work best for you."
Millenial renter
Of Australians are rejecting the traditional home-buying journey and the new Australian Dream has become multi-dimensional
Aussies believe the Australian Dream needs to be reimagined
Source: Nine’s Idea Exchange, August 2024
Timing expectations have changed
66% of Aussies agree that people are getting onto the ladder when it suits their life stage.
Source: Nine’s Idea Exchange, August 2024
Source: Nine’s Idea Exchange, August 2024
Compromises Australians are willing to make to get on the ladder
Source: Nine's Idea Exchange, August 2024
Compromise is the new normal
Even with help, it’s widely understood that getting onto the ladder will involve compromise.
Compromises Australians are willing to make to get on the ladder
Source: Nine's Idea Exchange, August 2024
What does this mean for brands?
Insight
Aussies are getting onto the ladder when it suits them, making home ownership a highly individual decision.
Opportunity
To stay relevant, brands need to shift focus from demographics to behaviours and data.
64% of Aussies
(72% Gen Z) believe the "now home" has replaced the forever home. Apartment living is becoming an increasingly attractive step on the property ladder.
Source: Nine’s Idea Exchange, August 2024
84% of Homeowners
keep an eye on the market through a variety of sources
53%
Websites
35%
Apps
26%
Word of mouth
15%
News sites
53%
Websites
35%
Apps
26%
Word of mouth
15%
News sites
Source: Nine’s Idea Exchange, August 2024
What’s the real ‘value’ of a home?
Think ‘the dream’ has gone from an idea that represents security, to one that represents wealth
What does this mean for brands?
Insight
Aussies are embracing the concept of the "now home" a step in their evolving home ownership journey, driven by life stages, flexibility and changing needs.
Opportunity
Inspire and engage homeowners at every stage of their journey. By offering innovative solutions, you can steer them to new opportunities and possibilities as they move through the changing landscape of home ownership.
Amid the constant global flux, the home becomes more of a spiritual sanctuary–35% of Gen Z renovators are making home improvements to create a space that helps them "feel calm".
Renovations, DIY and home improvements remain popular among Aussie homemakers. Almost a third of Aussies are planning to renovate in the next 12 months.
Reasons to renovate
Source: Nine's Idea Exchange, August 2024
Dupe-It-Yourself renovators seeking reno hacks and cost-effective home solutions are increasingly turning to heritage and nostalgia for design inspiration.
What does this mean for brands?
Insight
Our homes have become our spiritual sanctuaries where Australians seek comfort, connection and rejuvenation.
Opportunity
Brands can celebrate and enhance the growing bond between home and wellbeing.
For further information on The Great Australian Compromise, contact your Nine representative or complete the form. A member of the team will be in touch.
