A look at the latest behaviours towards buying and owning a home
For three years, our No Place Like Home report has followed Australians through every chapter of their homeownership journey - from saving for a deposit to paying off a mortgage. Across every stage, we’ve explored how Australians feel about finding and creating a home.
Over time, we’ve seen growing confidence in achieving future financial goals, including homeownership. Australians are starting to feel less concerned about external pressures like cost-of-living or interest rates, and more interested in the things they can control – building financial security and happiness at home.
Now, in our third iteration of the ‘Happily’ phase, we explore how happy Australians are with their living and financial situations, and how the connection between homeownership and happiness continues to evolve.
A word from our Chief Customer Officer
What truly makes a home?
Is it the bricks and mortar? The memories woven into its walls? The comfort and security it provides?
It’s all of these - and so much more.
In our latest No Place Like Home ‘Happily’ phase, we take a closer look at the emotional side of home ownership: what ‘home’ means across generations, what Australians value most about it, and the changes they wish to see.
Our research shows that Australians deeply cherish home ownership - not only as a financial investment, but as a foundation for emotional and mental wellbeing.
While the journey to owning a home may not always be straightforward, it can be one of life’s most fulfilling milestones and a key source of happiness. As a customer-owned bank committed to helping Australians realise their home ownership dreams, we’re proud to stand beside our customers every step of the way - supporting them to save, buy, renovate, and explore new paths to make home ownership possible.
Rolf Stromsoe
Chief Customer Officer, Great Southern Bank
Home is the heart of our wellbeing
The vast majority of Australians (83 per cent) say their housing situation plays a vital role in their mental wellbeing - a figure that rises to 87 per cent among baby boomers and sits at 78 per cent for Gen Z. This demonstrates how the link between housing and mental health strengthens with age, as older Australians place greater importance on stability and security when thinking about their long-term wellbeing and life satisfaction.
Younger Australians, particularly Gen Z, tend to prioritise affordability and flexibility instead, reflecting their life stage and their financial situation.
A key theme emerging from our research is that a home is never just one thing - it’s a blend of feelings, experiences, and relationships that shape our sense of place and belonging. Australians across the country say their home is:
- Their happy place (81 per cent)
- Where they can express themselves (78 per cent)
- Not a building, but where their loved ones are (73 per cent)
The research shows us that happiness and finances often go hand-in-hand. That’s why at Great Southern Bank, we have a range of clever tools to help Australians take greater control of their financial futures on their path to buying a home.
More than money: buying a home as an emotional investment
We understand that buying a home is a major financial commitment, with many homeowners citing unexpected costs as one of the biggest challenges of ownership. Yet, more than half of Australian homeowners (52 per cent) say the emotional security that comes with owning a home outweighs the financial pressures it may bring. This reflects a broader perspective - seeing a home not just as a financial investment, but as a source of stability, belonging, and emotional fulfilment.
Wherever Australians are on their homeownership journey, we’re here to help - offering insights, guides, and resources designed to prepare them for both the financial and emotional aspects of owning a home, as a first home buyer, refinancer or investor.
Building financial security, brick by brick
For generations, owning a home has been regarded as important to our sense of financial security - and that belief continues to hold strong today.
More than two-thirds of Australians (69 per cent) see home ownership as the most important step toward becoming financially secure. That figure rises to 78 per cent among baby boomers and sits at 60 per cent for Gen Z.
However, the idea of financial security is evolving. Younger Australians increasingly associate it with freedom and flexibility - the ability to live life on their own terms. For Gen Z, career success and personal fulfilment rank alongside home ownership, reflecting a more holistic view of what it means to feel secure and satisfied.
Financial stability remains a top priority for Australians, second only to spending quality time with loved ones. But the pathways to achieving it are becoming more diverse. Whatever financial security looks like for you, we’re here to help - with smart tools, guides, and resources to help you plan confidently and take the next step toward your goals.
Making a house into a home
Australians are increasingly prioritising homes designed for connection. More than just a place to live, our homes have become spaces for shared moments - hosting family gatherings, catching up with friends, and spending time with the people who matter most.
Our research shows that spaces for entertaining play a key role in creating a happy home. The top features Australians believe would most enhance their home happiness are:
- Outdoor living or entertainment areas (42 per cent)
- A well-designed kitchen (42 per cent)
- A garden or yard (35 percent)
From the backyard to the kitchen, Australians are shaping their homes around togetherness and the joy it brings. This desire for connection grows stronger with age - among baby boomers, 57 per cent value outdoor entertainment spaces, while 48 per cent say a garden would most enhance their happiness at home.
Across all generations, spending quality time with loved ones remains Australians’ top life priority - ahead of financial security, a healthy lifestyle, and even home ownership itself.
Because for Australians, happiness at home isn’t just about where we live - it’s about how we live.
Case study: Girlie, QLD
“Buying a house, for me, is one of the happiest moments of my life and biggest achievements.”
Girlie is a Registered Nurse in Toowoomba. She is married and has a son but bought her property by herself to accomplish a goal of financial security, and so that she could be closer to work and not have to travel.
When she moved from the Philippines to Australia Girlie had several goals to accomplish - to finish her studies, begin her nursing career, become an Australian citizen and start a family. And, thanks to her smart savings and accessing Great Southern Bank’s extended loan term (40 year home loan) she has achieved her biggest goal – purchasing her first home in Toowoomba.
“It really was a wow moment [buying a house]. I was in disbelief that my dream had come true. I always wanted to have my own space; it has really boosted my confidence and happiness to know that I own my own home.”
“I can call this my own because it is, it’s my place where I can be myself. When you are renting you can’t even put something on the wall, now I can hang photos and have my memories around me.”
Other reports in the series
8 minutes
A closer look at how Australians are navigating homeownership (August 2025)
9 minutes
Australians are using clever strategies to achieve homeownership (April 2025)
9 minutes
Home happiness comes in all shapes and sizes (November 2024)
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Important Information
The Great Southern Bank No Place Like Home Report is a three-part series, with online surveys to be conducted in three waves across the year. The research was conducted by The Clever Stuff , in partnership with Pure Profile , surveying 2,015 Australians aged 18-65 who are nationally representative of the Australian population by age, gender and location. The survey was conducted from 24 September 2025 to 1 October 2025.