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Identifying the drivers behind housing preferences of first time owners

Reed, Richard and Mills, Anthony 2007, Identifying the drivers behind housing preferences of first time owners, Property management, vol. 25, no. 3, pp. 225-241.

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Title Identifying the drivers behind housing preferences of first time owners
Author(s) Reed, Richard
Mills, Anthony
Journal name Property management
Volume number 25
Issue number 3
Start page 225
End page 241
Publisher Emerald Group Publishing
Place of publication Bingley, England
Publication date 2007
ISSN 0263-7472
1758-731X
Keyword(s) Australia
Consumer behaviour
Residential homes
Summary Purpose – The purpose of this paper is to provide a rare insight into the motivation behind first-time buyers when looking to purchase their first home. The factors driving demand preferences for detached housing are constantly changing and difficult to measure, and often deemed to be a complex bundle of attributes.

Design/methodology/approach –
The research in this paper is based on interviews with purchasers at a series of locations across Melbourne, Australia, who were actively seeking to purchase a home for the first time. The data were analysed using factor analysis to identify the core decision criteria in a new house that were most sought after.

Findings – The findings in this paper confirmed that “financial” issues accounted for approximately 30 percent of the actual decision by first-time buyers to purchase housing, where decisions relating to the timing and choice of housing are dependent on “site-specific” factors.

Research limitations/implications –
The research in this paper is aimed specifically at first time buyers only and the influencing factors behind their purchasing decisions.

Practical implications – The paper shows that, if consideration is given to the characteristics that first-time owners are looking for, providers of new housing would be better equipped to meet this demand and maximise construction efficiency.

Originality/value –
In the paper the emphasis was placed on identifying and analysing the decision criteria behind first-time buyers, which provided an invaluable insight into their concept of a suitable residence. Rather than analysing sales transactions after they have been completed, this research considers aspects of new houses that first-time owners are actively searching for, prior to making their purchase.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
Field of Research 150504 Marketing Measurement
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2007, Emerald Group Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30022047

Document type: Journal Article
Collections: School of Management and Marketing
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