The facts of lifestyle

Recent decades have seen a profound shift in homebuyer preferences, reshaping the way homes are designed, communities are planned, and investments are made. But it was the seismic impact of the COVID-19 pandemic that catapulted lifestyle considerations to the forefront, forever altering the way we view real estate.

According to Eleanor Creagh, a senior economist at realestate.com.au, "Lifestyle has become a more important priority than ever," driving an ongoing reassessment of housing desires and needs. It's a sentiment that underscores a fundamental truth of today's property market — choosing a home is about much more than the question of shelter; it's about crafting a life that nourishes personal aspirations, values, and wellbeing.

Lifestyle encompasses an array of elements — from the style and location of home to daily routines, work-life balance, health and wellness pursuits, travel preferences, and social interactions.

Seachange and Treechange

Emily Wood, General Manager Brand and Customer at Frasers Property Australia, says the dominance of lifestyle factors in property decisions has been a long-term trend rapidly accelerated by changes wrought by the pandemic.

"We've never had more change than in the first years of this decade, in terms of how and where people are choosing to live their lives," Emily says.

"For many, moving to a far more flexible relationship with the office has meant a re-evaluation of the commute. If you can work from home more often than not, then where your home is, versus where your office is, becomes more important."

Emily points to the dramatic growth in one of Frasers Property's lifestyle communities, Port Coogee near Fremantle in Western Australia.

"At Port Coogee, there's a very alluring and quintessentially Australian coastal community vibe that continues to attract new residents, daytrippers, and holidaymakers."

The pandemic, as Susan Stancombe, CEO of Stancombe Research and Planning, points out, triggered a period of introspection, prompting individuals to question their life's trajectory and make intentional lifestyle choices.

"One of the benefits of the pandemic era was that it gave people an opportunity for reflection," says Susan. "People thought deeply, and continue to think deeply, about how they want to live their lives. That has manifested in terms of lifestyle choices, with making changes and exercising choices in ways they might not have done before."

This wave of introspection led to an interesting trend: a growing affinity for outer suburban and regional properties. The allure of more space, better value, and a retreat from densely populated urban centres gained momentum.

More than a Home

The changing landscape of work and education also contributed to moulding lifestyle priorities. As homes transformed into multifunctional spaces accommodating work, learning, and leisure, the need for adaptable and flexible living environments became more important.

"Our homes are performing so many more functions now," says Emily. "They need to be offices, classrooms, and gymnasiums as well as the place we cook, eat, sleep, and spend time together. So, adaptability in home design has become very desirable and important. We want flexible spaces in our home that can really grow with us and flex with our lifestyle."

Of course, the pursuit of the ideal lifestyle transcends the boundaries of the property itself. Emily underscores the rising significance of shared community interests and a genuine sense of belonging. At Frasers Property, the value of belonging drives every decision the company makes, particularly when it comes to walkable neighbourhoods, high quality public open spaces and access to local schools, shops, medical facilities, and transport.

Over and above the emphasis on people-centric urban design, Frasers Property invests in community development initiatives in every one of their neighbourhoods. Dedicated Frasers Property Community Development Managers design and deliver programs that bring new neighbours together to create mutually supportive friendships and long- lasting bonds.

"Lifestyle doesn't have to mean a view of the ocean or feeling like you're on holiday every day," says Emily. "A lot of the time, feeling like you're in the ‘right place' comes down to having a good relationship with your neighbours, your kids playing together at the park after school, or the local barista knowing your coffee order when you walk in. It can be as simple and important as that."