A new CBRE study has revealed one-third of Australians intend to relocate within the next two years as the ‘push to the bush’ rebalances.
Meanwhile, in-store purchasing is anticipated to remain popular, while health and ESG are expected to wield greater power than ever before in our new workplaces.
CBRE interviewed over 20,000 individuals globally, ranging from baby boomers to Generation Z, for its Live Work Shop survey, the first of its kind to discover trends that will transform how occupiers, developers, and investors approach the built environment.
Over 1,000 Australians participated, offering important insights on what will affect how individuals utilise real estate in the future.
Significantly, city centre areas are the most desired among those wanting to relocate, contrary to popular opinion that most individuals were looking to relocate to non-urban areas because they no longer required to drive to work on a daily basis.
According to Andrew Purdon, CBRE’s Regional Director of Living Sectors, Capital Markets, more than one-third of those polled want to change residences in the next two years, and while ownership remains the preference, it’s becoming more lineball with renting (52 per cent vs 48 per cent), a finding that aligns with a growing investor and developer focus on build-to-rent (BTR) opportunities in Australia.
“The survey highlights a strong focus on personal wellbeing and respondents’ desire to live in high-quality residences that provide exceptional amenities and real-world experiences. This is supporting the increased demand for BTR in Australia as investors react to the shift in customers’ expectations about their homes and recognise the attractive real estate investment returns,” Mr Purdon said.
Upgrades are the key drivers of re-location among homeowners, while renters are looking to move someone cheaper and more affordable.
The most important factor when choosing a home, for both renters and owners, was pricing, followed by commuting time for renters and outdoor space for owners. Meanwhile, a dedicated space for work-from-home and smart home technology has the greatest appeal among city centre residents.
The office
Similarly, for where people want to work, pay and benefits alongside commute time are the most important aspects. However, location and flexibility take up the next three most important parameters for job seekers.
The report shows that wellness and ESG wield more influence than ever. Respondents want healthier workplaces with natural light and better air quality and are more conscious of the environmental and social impact of their purchasing habits.
The majority of workers have access to a separate study at home, the survey shows, but that this “does not appear to be a significant driver of work from home”.
The shops
The in-store experience is still a driving force, with 79 per cent favouring in-store grocery shopping, 34 per cent preferring to pick up on-line orders in store and 81 per cent intending to buy locally sourced goods.
More than half of respondents said they like to see the product in-store before ordering online, with returning products in-store rather than by post a preference.