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New Zealanders want bigger houses and better lifestyles, and some are ready for a move out of the city, according to new research from Westpac NZ.
The survey of more than 1,300 Westpac customers found the COVID-19 pandemic has forced many Kiwis to think long and hard about the space they live in as they look forward into 2022.
Findings include that 19% of people want a bigger house, rising to 29% for households with children and 39% for those considering moving house this year.
Of those staying put, 34% are considering renovations, as people reconsider their needs in the COVID era.
Nearly a third of those surveyed reported spending more money on their house than before the pandemic and 36% spending more on their garden. The response rate was even higher for those under 35.
Westpac NZ General Manager of Consumer Banking and Wealth, Ian Hankins, says over the past couple of years many people have reassessed how they feel about where they live and what’s important to them.
Having more space was a key motivator for 32% of people considering moving. But lifestyle was the most commonly cited reason at 47%, he says.
“Households seem to be feeling the lure of the regions. 21% of all respondents pondering a move say they’re considering shifting to a smaller town or city, while just 7% of people are weighing up a shift to a bigger centre.
“Regional New Zealand has always offered great lifestyle and affordability options. Now with remote working becoming more common and property prices much cheaper outside the main cities, the pulling power of the ‘big smoke’ may be reversing.”
Other reasons for wanting to move included downsizing (16%), better return on investment (16%) and lower costs (15%).
“Priorities have changed since the pandemic and this might be the year people take a chance on a lifestyle change,” Mr Hankins says.
“Whether it’s renovating your house to make it work-from-home friendly, finding a bigger house to suit a growing family or moving out of the city to take advantage of greater work flexibility, we encourage all households to think about what their housing goals are this year, and talk to us if they need a helping hand.”
The survey also found people have got creative around working from home arrangements, with 24% of respondents who work from home spending most of their time in the kitchen or dining room, 23% in the living room and 12% in a bedroom. Just over a third did most of their work in a study or home office.
“Most of us are spending more time at home these days, so it’s not surprising that more than one in five of us have set up a workstation at home, while one in 20 have gone the whole hog and converted a bedroom to a study.”
29% of people feel more positive about their home since the start of the COVID-19 pandemic, compared to just 8% who feel more negatively about it. The remainder felt about the same as before.
ENDS
Key survey findings
Has the COVID-19 outbreak made you wish for any of the of the following
|
|
|
Household type |
|||
|
|
Total |
Live by yourself |
Group flatting together |
Couple, no kids at home |
Household with kids |
|
Wish for a bigger house |
19% |
9% |
20% |
14% |
29% |
|
Wish for a smaller house |
4% |
10% |
2% |
4% |
1% |
|
Wish you lived in another suburb |
4% |
5% |
4% |
4% |
4% |
|
Wish you lived in another region |
8% |
8% |
18% |
7% |
8% |
|
Other |
10% |
11% |
12% |
9% |
9% |
|
None of these |
61% |
63% |
49% |
67% |
54% |
Which of the following are you considering in the next 12 months (select all that apply)?
|
|
|
Household type |
|||
|
|
Total |
Live by yourself |
Group flatting together |
Couple, no kids at home |
Household with kids |
|
Selling current house and buying another |
10% |
9% |
0% |
11% |
15% |
|
Buying my first home |
7% |
3% |
23% |
4% |
5% |
|
Moving from the rental property I live in now |
5% |
3% |
26% |
3% |
5% |
|
Investing in property |
7% |
6% |
6% |
5% |
13% |
|
Spending more on items for my house |
21% |
16% |
9% |
22% |
23% |
|
Doing home renovations |
34% |
28% |
8% |
37% |
42% |
|
Retiring earlier than planned |
5% |
4% |
1% |
5% |
5% |
|
Investing in KiwiSaver, managed funds or sharemarket |
17% |
9% |
21% |
17% |
21% |
|
Investing in cryptocurrencies |
7% |
3% |
14% |
7% |
8% |
|
Putting more into savings/term deposits |
23% |
22% |
31% |
19% |
26% |
|
Overseas travel |
21% |
16% |
28% |
24% |
20% |
|
Travel within NZ |
52% |
47% |
50% |
60% |
50% |
|
None of these |
11% |
19% |
7% |
9% |
7% |
What changes have you made to your home as a result of COVID-19?
|
|
|
Household type |
|||
|
|
Total |
Live by yourself |
Group flatting together |
Couple, no kids at home |
Household with kids |
|
Converted a bedroom to a study |
6% |
3% |
6% |
7%% |
5% |
|
Set up a workstation |
21% |
14% |
31% |
19% |
25% |
|
Undertaken outdoor renovations |
14% |
8% |
2% |
17% |
17% |
|
Undertaken indoor renovations |
15% |
13% |
3% |
15% |
17% |
|
No changes |
59% |
65% |
59% |
54% |
51% |
|
Other |
6% |
6% |
7% |
5% |
4% |
If you’re considering moving in the next 12 months, what are your main reasons for considering moving or buying a house in the next 12 months (select up to 3)?
|
|
|
Gender |
Age |
|||
|
|
Total |
Male |
Female |
25 – 34 |
35 – 54 |
55+ |
|
More space |
32% |
24% |
40% |
34% |
42% |
16% |
|
Lower cost |
15% |
18% |
12% |
11% |
16% |
18% |
|
No longer need to be in a specific location for my work |
8% |
9% |
6% |
9% |
7% |
6% |
|
Want to live somewhere less vulnerable to COVID-19 restrictions |
4% |
4% |
5% |
5% |
5% |
1% |
|
Better lifestyle |
47% |
51% |
44% |
53% |
49% |
38% |
|
Better transport options |
2% |
3% |
1% |
2% |
1% |
4% |
|
Access to facilities/schools |
6% |
5% |
7% |
5% |
10% |
3% |
|
Closer to family |
7% |
8% |
6% |
5% |
1% |
18% |
|
Better investment (i.e. long term expected returns) |
16% |
19% |
12% |
17% |
20% |
7% |
|
Downsizing |
16% |
18% |
13% |
2% |
7% |
47% |
|
Other |
23% |
21% |
25% |
28% |
19% |
21% |
If you’re considering moving in the next 12 months, which of the following best describes where you’re considering buying or moving to?
|
|
Total |
Aucklanders |
|
Same suburb in the area I currently live in |
25% |
19% |
|
Another suburb in the area I currently live in |
42% |
45% |
|
A smaller city/town/region than the one I currently live in |
21% |
27% |
|
A bigger city/town/region than the one I currently live in |
7% |
3% |
|
Other |
5% |
4% |
If you’re considering moving in the next 12 months, which best describes the size of the house you’re considering buying or moving to?
|
|
|
Gender |
Age |
|||
|
|
Total |
Male |
Female |
25 – 34 |
35 – 54 |
55+ |
|
Similar size |
28% |
29% |
27% |
29% |
34% |
19% |
|
Larger (more rooms) |
39% |
30% |
48% |
45% |
46% |
21% |
|
Smaller (fewer rooms) |
31% |
40% |
22% |
25% |
19% |
56% |
|
Other |
2% |
1% |
4% |
1% |
2% |
5% |
Compared to before COVID-19 was in New Zealand, would you say you have been spending more or less on the following:
|
|
More |
About the same |
Less |
|
My garden |
36% |
54% |
10% |
|
My house (eg renovations) |
30% |
57% |
13% |
|
Household items (electronics, whiteware) |
17% |
62% |
22% |
|
Holidays in NZ |
17% |
32% |
51% |
|
Paying off my mortgage |
21% |
75% |
4% |
|
Furniture |
14% |
61% |
25% |
|
Health products or equipment |
20% |
64% |
16% |
|
Home entertainment |
15% |
65% |
19% |
|
Luxury items |
9% |
51% |
40% |
Where do you do most of your work when working from home:
|
|
|
Gender |
Age |
|||
|
|
Total |
Male |
Female |
25 – 34 |
35 – 54 |
55+ |
|
Study |
35% |
38% |
32% |
35% |
34% |
36% |
|
Bedroom |
12% |
15% |
10% |
17% |
13% |
7% |
|
Kitchen/dining room |
24% |
19% |
28% |
16% |
28% |
24% |
|
Living room |
23% |
16% |
28% |
28% |
19% |
24% |
|
Garage/basement |
5% |
6% |
2% |
8% |
3% |
2% |
|
Other |
8% |
9% |
6% |
5% |
8% |
9% |
How has COVID-19 changed how you feel about your home:
|
|
|
Gender |
Age |
|||
|
|
Total |
Male |
Female |
25 – 34 |
35 – 54 |
55+ |
|
More positive |
29% |
28% |
31% |
32% |
30% |
27% |
|
More negative |
8% |
8% |
9% |
14% |
9% |
5% |
|
About the same |
62% |
64% |
61% |
54% |
61% |
67% |
This survey was conducted on The Westpac Customer Forum from 7 to 13 December 2021. It was completed by 1,344 Westpac Customers, aged 25 years and over, with the margin of error 2.68% at a 95% level of confidence.