A couple who built a tiny home near Forster has highlighted how regional living can offer an alternative path into the property market, as new research shows regional NSW residents are more likely to have achieved home ownership than those in metropolitan areas.
New research commissioned by NGM Group, the customer-owned bank behind Greater Bank and Newcastle Permanent, found regional NSW residents were 15 per cent more likely than their metropolitan counterparts to have already achieved home ownership.
The finding comes as seven in 10 NSW residents surveyed said they considered owning a home part of financial success, despite affordability pressures making that milestone increasingly difficult to reach.
After five years travelling around Australia, Chris and Bec began looking for a way to enter the property market on their own terms.
The Perth couple eventually found land near Forster on the Mid North Coast, where they built a tiny home and now operate their travel business, Salt and Charcoal.
“We had seen some beautiful places all around Australia that we thought we could try and think outside the box with a different style of home ownership, especially because we lived in a mini bus,” Chris said.
“We found a slightly remote place near Forster on the Mid North Coast of NSW for much cheaper than anything in our hometown or the major cities, and just recently we built a tiny home on it where we live and run our travel business Salt and Charcoal.”
For the couple, the tiny home provided an affordable entry into the property market while allowing them to maintain the lifestyle they wanted.
“We realised we didn’t need a large house to live a beautiful lifestyle. Once we got clear on what makes us happy, we built our home ownership journey around that,” Chris said.
“Having a place to come back to, relax and recharge feels incredible, and it doesn’t feel like a compromise because it’s in the lifestyle location we always wanted.
“For us, the tiny home has been a way into the property market on our own terms, but it also gives us the flexibility to keep exploring opportunities in the future – we’d love to build more tiny homes around Australia to give other people access to incredible locations.”
NGM Group Chief Customer and Digital Innovation Officer James Cudmore said regional communities were providing more opportunities for Australians to reach major life goals.
“Across the country, we know the appeal of regional living has been on the rise, with diversifying incomes, regional innovation and great lifestyle benefits delivering real opportunities outside of major cities,” said NGM Group’s Chief Customer and Digital Innovation Officer James Cudmore.
“Our regions are providing Australians with opportunities to achieve their goals sooner.”
The YouGov survey found housing and financial security were the most sought-after milestones among NSW residents, with 52 per cent hoping to achieve those goals.
Lifestyle and retirement goals followed at 43 per cent.
Financial circumstances remain the biggest influence on milestone decisions, with 86 per cent of NSW respondents saying their financial situation had some or a strong influence on their choices.
More than half, or 54 per cent, said they were saving regularly from their income to reach their goals, while 51 per cent were cutting expenses or making lifestyle trade-offs.
Despite those pressures, 60 per cent said they were willing to delay important milestones as long as they eventually achieved them.
Another 61 per cent said they had made or expected to make significant sacrifices, including reducing lifestyle spending, working longer hours or multiple jobs and changing jobs or career paths.
“Most Australians have clear aspirations for their future. While the journey may look different depending on where you live, dreams of owning a home, building financial security and creating the life you want still ring true for all Australians, from our major cities through to regional communities,” said Cudmore.
“These are life goals that remain firmly in focus, and our data showed that Australians are continuing to plan, save and make decisions with those ambitions in mind. Rather than putting them on hold or abandoning them all together, people are finding practical ways to stay on track and make meaningful progress towards what matters most to them.”
The survey is the first instalment of NGM Group’s Defining Moments research series, examining Australians’ major life goals and the financial pathways and trade-offs involved in achieving them.
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