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Herald Sun
6 days ago
- Business
- Herald Sun
Simple reason Aussies refusing to downsize for city
Australians are clinging to their laundries, spare rooms and car spots — even if it means ditching city life — in a defiant rejection of the downsizing dream. New research from Compare the Market reveals just 18.8 per cent of Australians would sacrifice space to live closer to the CBD, while a staggering 71.3 per cent either won't downsize or have no desire to live in the city at all. But while most of the nation is holding onto space, property experts say buyers are increasingly flipping the script. RELATED: Overlooked VIC suburbs winning in 2025 'Major lift': Shock Aus city tops price boom 'Crippling': Tradies in turmoil over meltdown Compare the Market's general manager of money Stephen Zeller said Australians were drawing clear lines around which home features they would and wouldn't compromise on — and it wasn't what you might expect. 'Knowing which home amenities you definitely want and which you're willing to compromise on can help you narrow down which properties are right for you,' Mr Zeller said. 'Using comparison tools can also help you find a competitive interest rate on offer.' Laundries topped the list of non-negotiables, with 50 per cent of Australians saying they would not give them up — followed by car park spaces, 38.9 per cent, garages, 34.7 per cent, and spare rooms, 30 per cent. Buyers were most willing to ditch pools, 57.9 per cent, garden sheds, 42.1 per cent, and backyards, 35.8 per cent, to get closer to the city. Melbourne based buyers advocate Cate Bakos said the national data came as a surprise, because her clients are increasingly choosing location over space. 'That actually surprised me — because I'm seeing the opposite,' Ms Bakos said. 'People are much more willing to give up space to be close to cafes, culture and lifestyle. 'They want to be where the action is.' Ms Bakos said many buyers had moved away from car ownership entirely, opting for public transport, ride-share services and car share schemes. 'They'd rather save that cost and use the money elsewhere,' she said. 'The focus has shifted to experiences, lifestyle and social connectivity.' But the buyers agent said one feature remains a deal-breaker for many buyers: 'Move-in readiness. Buyers are not interested in renovators right now,' Ms Bakos said. 'The builder shortage and renovation costs have turned people off. 'A turnkey home is gold.' Ms Bakos added that confidence was being driven by major infrastructure upgrades, particularly Melbourne's $15bn Metro Tunnel, set to reshape commuting when it opens later this year. 'It's the kind of change buyers will feel in their daily commute,' she said. 'It builds confidence and convenience.' 'The Suburban Rail Loop might be the long game, but right now, the Metro Tunnel is what people are excited about.' McGrath Wynnum-Manly principal Gaby McEwan said buyers, particularly in Brisbane were still chasing space, but not for land size alone. 'It's not necessarily about acreage. It's about a change in pace,' Ms McEwan said. 'They want a backyard, a garden, a safer community and access to the water.' Ms McEwan said a growing number of young families were selling up in Brisbane inner-city pockets like Newstead and West End to secure lifestyle homes in seaside suburbs such as Wynnum and Manly. 'They're not just trading sideways,' she said. 'In some cases, they're paying more for a smaller block, just to live near the water. 'The Esplanade used to be quiet. Now it's buzzing. People discovered it during lockdowns and never left.' The McGrath Wynnum-Manly principal said even basic homes are being snapped up by buyers keen to get into the suburb. 'We recently sold one for $925,000, it was full of asbestos and hadn't been touched in decades,' Ms McEwan said. 'But it was on a great street, and the buyers were happy to renovate just to get in.' Ms McEwan said a wave of locals who grew up in the area were now returning after years of inner-city living. 'They've seen the value of their units go up, and now they're either selling or holding and buying again here,' she said. 'It's a smart move, and once they're back, they never want to leave.' State-by-state: Who's least willing to compromise? Victorians were the most attached to their laundries, with 53.2 per cent unwilling to give them up. Queenslanders were more open to ditching the backyard, 38.5 per cent, and only 10.9 per cent were willing to lose a laundry. New South Wales came in close to the national average, but Sydneysiders showed slightly greater willingness to downsize for location. South Australians were most attached to having a garage, with 42.9 per cent unwilling to let it go. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Block star reveals mistake that devalue homes 'Major lift': Shock Aus city tops price boom These Aussies may never be able to buy a home
News.com.au
6 days ago
- Business
- News.com.au
Simple reason Aussies refusing to downsize for city
Australians are clinging to their laundries, spare rooms and car spots — even if it means ditching city life — in a defiant rejection of the downsizing dream. New research from Compare the Market reveals just 18.8 per cent of Australians would sacrifice space to live closer to the CBD, while a staggering 71.3 per cent either won't downsize or have no desire to live in the city at all. But while most of the nation is holding onto space, property experts say buyers are increasingly flipping the script. Compare the Market's general manager of money Stephen Zeller said Australians were drawing clear lines around which home features they would and wouldn't compromise on — and it wasn't what you might expect. 'Knowing which home amenities you definitely want and which you're willing to compromise on can help you narrow down which properties are right for you,' Mr Zeller said. 'Using comparison tools can also help you find a competitive interest rate on offer.' Laundries topped the list of non-negotiables, with 50 per cent of Australians saying they would not give them up — followed by car park spaces, 38.9 per cent, garages, 34.7 per cent, and spare rooms, 30 per cent. Buyers were most willing to ditch pools, 57.9 per cent, garden sheds, 42.1 per cent, and backyards, 35.8 per cent, to get closer to the city. Melbourne based buyers advocate Cate Bakos said the national data came as a surprise, because her clients are increasingly choosing location over space. 'That actually surprised me — because I'm seeing the opposite,' Ms Bakos said. 'People are much more willing to give up space to be close to cafes, culture and lifestyle. 'They want to be where the action is.' Ms Bakos said many buyers had moved away from car ownership entirely, opting for public transport, ride-share services and car share schemes. 'They'd rather save that cost and use the money elsewhere,' she said. 'The focus has shifted to experiences, lifestyle and social connectivity.' But the buyers agent said one feature remains a deal-breaker for many buyers: 'Move-in readiness. Buyers are not interested in renovators right now,' Ms Bakos said. 'The builder shortage and renovation costs have turned people off. 'A turnkey home is gold.' Ms Bakos added that confidence was being driven by major infrastructure upgrades, particularly Melbourne's $15bn Metro Tunnel, set to reshape commuting when it opens later this year. 'It's the kind of change buyers will feel in their daily commute,' she said. 'It builds confidence and convenience.' 'The Suburban Rail Loop might be the long game, but right now, the Metro Tunnel is what people are excited about.' McGrath Wynnum-Manly principal Gaby McEwan said buyers, particularly in Brisbane were still chasing space, but not for land size alone. 'It's not necessarily about acreage. It's about a change in pace,' Ms McEwan said. 'They want a backyard, a garden, a safer community and access to the water.' Ms McEwan said a growing number of young families were selling up in Brisbane inner-city pockets like Newstead and West End to secure lifestyle homes in seaside suburbs such as Wynnum and Manly. 'They're not just trading sideways,' she said. 'In some cases, they're paying more for a smaller block, just to live near the water. 'The Esplanade used to be quiet. Now it's buzzing. People discovered it during lockdowns and never left.' The McGrath Wynnum-Manly principal said even basic homes are being snapped up by buyers keen to get into the suburb. 'We recently sold one for $925,000, it was full of asbestos and hadn't been touched in decades,' Ms McEwan said. 'But it was on a great street, and the buyers were happy to renovate just to get in.' Ms McEwan said a wave of locals who grew up in the area were now returning after years of inner-city living. 'They've seen the value of their units go up, and now they're either selling or holding and buying again here,' she said. 'It's a smart move, and once they're back, they never want to leave.' State-by-state: Who's least willing to compromise? Victorians were the most attached to their laundries, with 53.2 per cent unwilling to give them up. Queenslanders were more open to ditching the backyard, 38.5 per cent, and only 10.9 per cent were willing to lose a laundry. New South Wales came in close to the national average, but Sydneysiders showed slightly greater willingness to downsize for location. South Australians were most attached to having a garage, with 42.9 per cent unwilling to let it go.
Indian Express
18-05-2025
- Business
- Indian Express
Affordable to ride, hard to walk: Why Mumbai ranks among least walkable cities in world
There are 1.475 billion vehicles in the world and over 8.1 billion people—meaning only about 182 cars for every 1,000 people. In other words, the vast majority of people on this planet either can't drive or don't own a car. For those who rely on their feet, bicycles, or public transport to get around, walkability becomes more than just a lifestyle choice —it's a necessity. A global study conducted by Compare the Market has analysed key factors such as walking trails, rainfall, safety, bike infrastructure, and public transport to determine which cities around the world are easiest to navigate without a car. Mumbai, however, ranks among the bottom 10 — alongside Johannesburg, Manila, Bangkok, Cape Town, and Chicago. Interestingly, Mumbai scores extremely well when it comes to affordability, offering one of the cheapest public transport systems in the world at just Rs 20 per ticket—only behind Buenos Aires at Rs 13. Cairo comes third at Rs 28. Yet Mumbai struggles with walkability due to factors such as poor safety ratings, low access to car-free zones, and very high average monthly rainfall, which deters pedestrian movement, especially during monsoon. At the other end, Europe has the most number of walkable cities. Munich tops the list, followed by Milan, Warsaw, Helsinki, and Paris. Tokyo is the only non-European city in the top 10. The study found that 86 per cent of Munich's population lives within 1 km of a car-free space. A further 85 per cent of residents live within 1 km of healthcare and education facilities, and the city boasts hundreds of miles of bike trails. Stephen Zeller, General Manager of Money at Compare the Market, explains why walkability should matter to prospective homeowners: 'Looking at transport and amenities is a crucial step of assessing a potential home,' Zeller explains. 'That means looking at the public transport links, and seeing how far away your nearest stop is, what time they run to, and frequency; as well as identifying routes that you feel safe walking,' he adds. Zeller also points out that more desirable areas will generally cost more, 'which means you might need a bigger home loan than you were originally budgeting for'. 'Australian citizens and permanent residents looking to buy in Australia can use Compare the Market's home loan comparison service to get property reports with estimated values for free, as well as make use of our free borrowing power calculator to help with budget planning,' he says.
Courier-Mail
07-05-2025
- Business
- Courier-Mail
Aussie capital named top two city in the world
An Aussie capital has emerged as one of the top two cities in the world for a surprising reason. Brisbane blitzed the worldwide line-up in the Compare The Market's latest Cost of Living Index, named second best in the world behind Seoul thanks to its 'ultra-cheap' public transportation charges at 50 cents a trip. 'The 'River City' claimed the spot for the second year in a row thanks to ultra-cheap 50-cent public transport fares, alongside Australia's relatively cheaper cost for petrol at $1.64 per litre on average, 19 per cent rent price increase since 2015, and $105,810 average annual wage,' the index found. MORE: Shock: Big Aus bank's major rate cut call First homebuyer grant 'trap' for Gen Z MORE: Shock: Brisbane prices to smash Sydney Australia's biggest political property moguls revealed 'Despite the Reserve Bank starting to cut the cash rate to 4.1 per cent in February – the first time it has been cut for more than four years – the rate is still sub-par compared to other countries with a higher reported cost of milk, bread, and electricity prices on average.' If the Reserve Bank moves on interest rates dramatically – as it is expected to do before August with a 100bp drop – Brisbane could come close to unseating Seoul to top the world. Melbourne was named fifth best cost-of-living friendly city with Sydney a surprise entry to the top 10 in ninth place – improving their positions from seventh and 13th place in 2024. 'This improvement was thanks to the lower cash rate, higher average annual wage, and lowering average fuel and electricity prices,' the index found. All Australian cities used the same national figures for fuel costs, rent and home price rises in the calculations. MORE: Quirky solution to housing crisis Artist builds Aus first aircrete dome home Compare the Market general manager of money, Stephen Zeller, said when it came to cost of living no city was perfect. 'While Seoul, Brisbane and Madrid ranked at the top of our updated index, no city received a score higher than seven out of 10 – demonstrating that no place is entirely perfect for those seeking cost-of-living relief.' 'However, there are ways to reduce cost-of-living pressures to ensure you're not paying a cent more than you need to on everyday bills. Whether it's your home loan, energy plan or insurance, shop around and compare what's on offer.' He said it was worth shopping around to compare what's on offer, especially when it came to home loan rates – a major cost-of-living pressure. The Index compared the cost of living across 42 capital cities, looking at 11 different factors from cash rates to annual wages, the unemployment rates, fuel and electricity prices, public transport, milk/bread/coffee prices, and increases in both rent and house prices. MORE REAL ESTATE NEWS
