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For generations, most Australians look forward to owning their very own home. But with house prices climbing, rental costs rising and saving for a deposit becoming increasingly difficult, that dream is looking a little further out of reach.
Google Trends data comparing searches for renting a home and buying a home across Australia over the past five years reminds us how prominent housing research remains in national conversations.
Research about buying a home has attracted significantly more online search interest than renting a home, although both topics have experienced considerable fluctuations throughout the years. Neither topic maintained a consistent level of interest, with both search terms experiencing repeated peaks and dips throughout the five-year period.
The higher interest in buying a home could be due to the number of questions and considerations involved in entering the property market. However it has to be noted that the comparison may not capture the full picture of what Australians are looking for when navigating the housing market. The terms ‘renting a home’ and ‘buying a home’ are quite broad, with people more likely to search for specific information relating to their own circumstances rather than using these exact phrases.
Nonetheless, Google Trends suggest that buying a home attracts more interest. I think the primary difference in search interest is not simply the choice of comparing how many Australians prefer to rent or buy. But also come down to the amount of ongoing research involved in the process of purchasing a home.
From comparing property listings and prices across locations to researching mortgage options, deposit requirements, interest rates and government incentives, prospective buyers are often required to navigate a range of financial and practical considerations before securing a property.
While renting also involves considerable research, including rental prices, applications, inspections and lease agreements, the purchasing process can introduce additional layers of complexity, particularly for first-home buyers navigating the property market for the first time.
This could partly explain why searches relating to buying a home attract greater interest, with Australians turning to online resources throughout the different stages of researching and securing a property.
Home ownership also remains the most common housing arrangement in Australia, with Australian Institute of Health and Welfare (AIHW) figures showing 67 percent of households owned their home in 2021, compared with the 31 percent who rented.
The higher search interest in buying a home may reflect both the larger proportion of Australians who own their own homes and the extensive research involved alongside that. As purchasing a property often requires careful planning, online searches remain an important part of the process for Australians looking to secure a place of their own.