Preferences and priorities revealed
Homeownership remains a coveted goal for most Kiwis, with 81% of respondents expressing a desire to own their home, led predominantly by the younger generations, according to a recent survey conducted across New Zealand.
The survey, orchestrated by real estate giant LJ Hooker, underscored the strong cultural attachment to homeownership.
Home as a stable investment
The study also highlighted that 84% of participants consider property a solid investment, despite a gradual decline in homeownership rates, Stuff reported.
According to Statistics NZ, only 66.8% of dwellings were owner-occupied in 2023, a decrease from 73.8% in 1991. This trend points to evolving market dynamics but does not diminish the value Kiwis place on owning property.
Perceptions and preferences in property
Campbell Dunoon (pictured above), LJ Hooker’s head of network, reflected on the survey’s findings.
“Kiwis value the sense of stability and achievement that comes with owning a home,” Dunoon said. “It’s not just about bricks and mortar – it’s about creating a space that’s truly ours and building a future for ourselves.”
The survey also shed light on specific preferences and priorities:
- One-third of respondents would pay more for properties equipped with advanced technology.
- Features like proper insulation and double-glazed windows rank high for eco-friendliness.
- 60% of homeowners focus on improving liveability rather than adding value during renovations.
- Given unlimited funds, most would opt for a luxury kitchen or an indoor/outdoor entertaining area.
Challenges in achieving homeownership
Affordability remains the most significant barrier to homeownership, with 97% citing property prices as a top challenge, alongside high mortgage repayments and the need for a stable income, Stuff reported.
Cultural preferences and lifestyle
The survey also revealed interesting cultural differences in home preferences between New Zealanders and Australians, with 59% of Kiwis preferring carpeted floors to timber – citing comfort during colder months as a key reason.
Moreover, two-thirds of respondents wouldn't consider a property without a lawn or garden, emphasising the importance of outdoor space in New Zealand’s lifestyle.
Generation Z, meanwhile, showed a distinct preference for homes with gym spaces, with 48% indicating they would invest in a home gym, the survey found.
