Standalone home most favoured dream of young Aucklanders
It’s not a message the proponents of a dense Auckland city want to hear – but 70% of would-be homeowners prefer a stand-alone house.
Just 9% of a survey of 500 Aucklanders aged 18 to 34 are considering an apartment.
The youngest of those surveyed, aged 18 and 19 years old, were more than twice as likely to choose an apartment (22%) as their first property, according to a Barfoot & Thompson survey of people looking for their first home.
Ninety-one percent want to own their own home but only 38% think they will be able to do so in Auckland (59% think it is possible somewhere in New Zealand).
Optimism decreases with age.
Half of those surveyed are working toward their goal by saving for a deposit (77%), reducing spend on luxury items (44%), looking to buy in alternative locations (27%), living at home with family (27%), and working additional hours, shifts or jobs (24%). Some are delaying having children.
Most of Auckland’s young aspiring home buyers would still consider buying in the city (74%). However, the surrounding regions of the Waikato (considered by 15%), Bay of Plenty (13%), Wellington (10%) and Northland (10%) were the next best alternatives.
Buying in Auckland also means that 43% of the future market anticipate paying $700,000 or more for their first home while just over a quarter (29%) are expecting to pay between $500,000 and $699,000.
Outside Auckland, however, only 8% would expect to pay more than $700,000, while more than half (48%) expect to pay under $400,000.