Study reveals emotional investment in homeownership across age groups
A vast majority of Australians (83%) regard their housing situation as fundamental to their mental wellbeing, with the significance of this connection increasing across age groups, according to research from Great Southern Bank.
The findings, drawn from the bank's third annual No Place Like Home report, reveal that around four in five respondents (81%) identify their residence as their principal source of joy, more than three-quarters (78%) recognise it as a venue for personal expression, while 73% ascribe their contentment not to the property itself but to residing alongside people they value most.
"Buying a home has always been a big financial milestone for Australians, but we're now seeing just how deeply emotional it is too," said Rolf Stromsoe, chief customer officer at Great Southern Bank.
"For many people, owning a home isn't just about bricks and walls – it's about freedom, stability, and a true sense of belonging. These are the things that matter most to Australians and play such a big role in their overall happiness and wellbeing."
Changing face of the Australian Dream
Financial considerations nonetheless remain paramount.
Nearly 70% of Australians regard property acquisition as the foremost pathway to economic stability. This perspective gains particular traction among Baby Boomers at 78%, though only 60% of Generation Z share this outlook.
Younger cohorts have begun to recalibrate their perception of prosperity, positioning professional accomplishment and personal pursuits alongside conventional homeownership targets.
"The Australian dream is changing," Stromsoe noted. "Owning a home remains an important goal, but younger generations are redefining success – finding new ways to balance financial goals with the lifestyles they value."
The research demonstrates that for Australians across generations, residential priorities centre on collaborative use of space. When asked to rank life priorities, respondents elevated time spent with family and friends above all other considerations, succeeded by economic security, physical wellbeing, and property ownership respectively.
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