Australia Markets closed

The property perk buyers value more than proximity to friends, family

Would you prioritise this? Image: Getty

Australians hoping to buy a home prioritise pet-friendliness over the proximity to friends and family.

And a significant portion of prospective buyers also love their pets more than their human family, new Suncorp research has found. 

“Australia has one of the highest rates of pet ownership in the world so there is no question – pets are adored members of the modern Australian family," Suncorp executive general manager of lending Glenn Haslam said.

"This is even more true for younger generations with 59 per cent of those aged 18-34 placing importance on a potential new home’s pet-friendliness.

"It can be difficult to find a home that ticks all of the boxes, so buyers need to make sacrifices and prioritise what’s most important to keep within budget – and this can sometimes mean living further away from friends and family."

One woman interviewed for the research said pet-friendliness came above the aesthetics of the home and location, describing her pet as her “fur baby”. 

Another woman said she’s seen an increasing number of homes advertised as dog friendly in the last year, explaining that she had even foregone a move due to a lack of appropriate housing in the prospective area. 

As it stands, more than two-thirds of Australian households have a pet, and while 30 per cent of Australians rent only 10 per cent of rental homes are considered pet friendly. 

“One of the main questions we get asked by potential buyers is if it is a pet-friendly building. If a building is pet-friendly, there’s certainly a positive impact on price due to increased competition,” Ray White New Farm Principal Matt Lancashire added. 

Price another major factor

According to CoreLogic’s perceptions of housing affordability report, Australians also consider price the most important factor when it comes to choosing where to buy. 

That’s followed by good public transport, proximity to work and infrastructure. 

The distance to the city and the availability of local jobs was also a major element. 

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.