Kiwis still dreaming of homeownership despite market challenges

A new LJ Hooker survey has revealed that despite rising property prices and mortgage pressures, the desire to own a home remains strong among New Zealanders. The results highlight the unwavering belief in property as a worthwhile investment and the key features Kiwis refuse to compromise on when searching for a home.

Homeownership Remains a Priority

While global trends suggest a shift towards long-term renting, New Zealanders remain steadfast in their homeownership ambitions.

The survey found that 81 percent of respondents aspire to own a home, with younger generations leading the charge. In fact, 84 percent of Kiwis still view property as a solid investment, reinforcing the importance of homeownership in securing financial stability.

"As Kiwis, we value the sense of stability and achievement that comes with owning a home. It’s not just about bricks and mortar—it’s about creating a space that’s truly ours and building a future for ourselves," LJ Hooker Head of Network NZ Campbell Dunoon said.

What’s Holding Buyers Back?

Despite strong aspirations, affordability remains the biggest hurdle. A staggering 97 percent of respondents cited property prices as one of their top three challenges, with mortgage repayments (79 percent) and securing a stable income (72 percent) also proving significant barriers.

“Purchasing a property requires discipline and dedication. It’s inspiring to see so many Kiwis navigate these challenges to achieve the dream of homeownership. While the journey isn’t easy, the long-term rewards of security and financial growth make it worthwhile,” Dunoon said.

Carpet vs. Timber – The Great Debate

The survey also revealed a surprising difference between New Zealanders and Australians when it comes to flooring preferences. While 61 percent of Australians prefer timber floors, 59 percent of Kiwis opt for the warmth and comfort of carpet.

“Kiwis love the comfort of soft carpets underfoot, especially during colder months. We’re a barefoot nation, and that connection to home and comfort is part of our culture,” Dunoon said.

No Garden? No Deal.

When it comes to property features, outdoor space remains non-negotiable. Two-thirds of respondents said they wouldn’t consider a home without a lawn or garden, highlighting the importance of outdoor living in New Zealand’s lifestyle.

“We’re a nation that loves the outdoors. Whether it’s entertaining, gardening, or just enjoying the sunshine, having an outdoor space to call your own is a must for many Kiwis,” Dunoon said.

With urban areas increasingly shifting towards townhouses and apartments, the demand for private green spaces could present challenges for developers looking to meet housing needs while accommodating these preferences.

“If we continue to build apartment blocks and dense housing, developers need to keep in mind the importance Kiwis place on the outdoors.

Public outdoor dining and entertaining areas need to be considered with all developments to capture the attention of those who see a missing garden or outdoor space as a non-starter.”

Gen Z’s Dream Homes, Gym Included

Younger generations are reshaping homeownership expectations, with 48 percent of Gen Z respondents saying they would invest in a home gym.

Convenience is key for this demographic, reflecting the growing desire for adaptable spaces that cater to fitness, work, and leisure.

“Today’s younger generations value convenience and versatility. From home gyms to flexible workspaces, the trend is about creating a home that adapts to modern lifestyles,” Dunoon said.

The Future of Homeownership in New Zealand

Despite affordability concerns, the aspiration for homeownership remains deeply ingrained in Kiwi culture. The survey findings reinforce that owning a home is about more than just financial investment—it’s about stability, security, and the freedom to create a personal sanctuary.

“As the market evolves, it’s clear that Kiwis will continue to work hard to achieve their homeownership dreams.

Whether that means making sacrifices, adapting to new housing trends, or prioritising energy-efficient upgrades, the resilience of New Zealanders is evident.”

Other Key Findings

• 1 in 3 New Zealanders would pay more for properties with advanced technology

• Proper insulation and double-glazed windows are the most important eco-friendly features

• 60% of homeowners prioritise improving liveability over adding value when renovating

• If budget wasn’t an issue, majority of Kiwis would invest in a luxury kitchen or indoor/outdoor entertaining area

 This survey was commissioned by LJ Hooker conducted by independent Research firm Edentify in December 2024, who surveys 1,000 participants across New Zealand.