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The need for a work or study area has been the most important desire of homebuyers since the pandemic.

"More flexible working arrangements have driven the change in preferences, with commute times becoming less of a factor," NAB Executive, Home Ownership, Andy Kerr says.

It follows NAB research, which surveyed 330 property professionals, including investors, real estate agents, &amp; developers.

It revealed around nine in 10 (86%) see a study or work area as more important now to homebuyers than it was pre-pandemic.

Other factors to hold greater value include good local shopping, restaurants and amenities (75%), the size of the property (65%), buying a house over an apartment (63%) and access to good public transport (51%).

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“Lockdowns have reshaped how we live and with many at home for longer periods, the desire for a little more space has grown,” Mr Kerr said.

“This may mean a larger living room for the kids to play, a dedicated study to separate work from home life or a bigger backyard for the new puppy to run around.”

The factor that has shown the greatest decline in importance is the need to be in a metro area, with 57 per cent saying this is now less important. 

Victorians are seen most willing to move away from metro areas on the back of Melbourne’s longer lockdown.

In a similar vein, consideration of a move to regional areas is swelling, with 85 per cent listing this as a more important factor.

Buyers in NSW, home to Australia’s most expensive capital, are seen to be keenest to consider a regional move. 

This shows up in price data as regional NSW outpaces all other regions.

“The idea of a sea change or tree change is exciting to many Australians and a large number of customers have made the move in recent months as hybrid working models become more common,” Mr Kerr said.

“Our data shows more than one in 10 Australians expect to buy a home this year, and more and more will be looking further out than we have seen historically.”
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New NAB data details the factors that have become more important to Australian homebuyers since the pandemic.

jchancellor

Work space has been the biggest desire on the homebuyer list since pandemic: NAB

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A group of high school student have found out that you may be able to find a more affordable home on a street with a silly name.
The ABC reported the high school girls from Sacred Heart College in Geelong identified 27 streets in Victoria with silly names, including Butt Street, Wanke Road and Fanny Street.
Adam Cole, the school's head of science, guided the research.
He told ABC Radio Melbourne they looked at them on Google maps and found two adjacent streets with relatively normal names.
The study found prices on streets with silly names were significantly lower than houses on nearby streets.
The girls analysed more than 4,500 house sales on the streets over the past 47 years, working with staff from the ABS, the University of Sydney and a Melbourne real estate agent.
They found prices were around 20 percent lower on silly named streets. That equated to around $140,000 saving on a median-priced Melbourne house.
Following their research, the group surveyed adults about their feelings toward silly street names.
Of the 323 adults surveyed, a third said they would not be happy living in a street with a name like Beaver Street, Willys Avenue or Grogan Court.
A three bedroom home on <a href="https://www.realestate.com.au/sold/property-house-vic-keilor+downs-125595462" target="_blank">Willys Avenue</a> (above), recently sold for $500,000.
Adam Cole told the ABC it was likely this affected the supply-and-demand equation for properties on those streets.
"We think that there is a proportion of people that would not be comfortable living in those streets, so they don't compete for those properties and that would drive prices down," he said.
"We think it's probably got to do with a proportion of people being embarrassed by the address when they have to give it out."
He said that the silly name effect was more prevalent in the capital city suburbs than in regional areas, suggesting it was probably because there is more supply and choice in Melbourne.
The price discrepancy was also greater in lower-priced properties than more expensive ones.
 
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jonathanchancellor-7SQnKwU6yx

High school student study finds prices 20 percent lower on streets with silly names

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The University of Sydney, Southern Cross University and interior design firm Cachet Group have launched a pilot study into the impact of office design on worker productivity.
The study aims to find out how activity-based office designs affect worker productivity and wellbeing.
Leading the research project is the University of Sydney’s Dr Christhina Candido who runs the Building Occupant Survey System (BOSSA).
She said open plan offices have evolved significantly in Australia over the last few decades as a result of innovative concepts such as activity-based working now becoming the norm.
“We know a lot about the issues around open-plan working, but we need to understand more about how this latest wave of activity-based work environments may affect the productivity of office workers,” she said.
“Typically, it may see workers migrating to team desks, quiet concentration rooms, a variety of meeting rooms, brainstorming areas, multi-media rooms and lounges.
“The advantages of activity-based working have already been widely reported in the property sector but it is time to provide evidence around this growing office trend in Australia."
Wearable technology and analytical software developed by Southern Cross University and the University of Sydney will be used to the responses of workers in a variety of work spaces.
Rowan Hamman, Managing Director of Cachet Group’s Australian operation said the Australian study will provide the research needed to develop an exemplary global practice of work place design.
“It will provide the basis for evidence-based design solutions to increase worker satisfaction,” he said.
“Cachet Group is extremely proud to be a part of this pioneering study with such iconic research institutions for the interior design and architecture field.
"We hope that data collected and information produced from the study will give us, as an industry of professionals, a greater understanding of this subject matter.
“It is also an opportunity for us to give back some of our time, energy and expertise to the industry that has supported our business and our key objective of improving the happiness and wellbeing of everyday Australians through strategic workplace design and innovation.”
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