Australian first-home buyers would rather live in a property with a space for pets than live near their families, new CommBank research has found.

The research found that 38% of Australians prioritise getting a property with a space for pet when purchasing their first property.

Meanwhile, only 23% placed emphasis on getting a property in close proximity to their families.

Here are the other highlights of the CommBank research about the priorities of first-home buyers when looking for a home:

  • 69% of Australians still put their budget at the top of the priority when buying a property.
  • 57% place high emphasis on the location while 52% on the type of property.
  • 41% prioritise the size of the property.

CommBank executive general manager for home buying Michael Baumann said first-home buyers are willing to make compromises to achieve their homeownership goals.

“This desire to enter the property market also means that first-home buyers are prepared to be realistic — we found that close to nine in 10 are willing to compromise on their wish list in order to purchase a home sooner,” he said.

The study found that around eight in 10 first-home buyers plan to ditch social outings to reduce the time it would take for them to save for a deposit.

Meanwhile, two in five first-home buyers said they are willing to give up buying gifts for Christmas and birthdays to help save quicker.

Furthermore, more than 79% claimed they are prepared to cut back on non-essentials to help them save quicker, while 71% they would follow a strict budget.

More than half of first-home buyers said they would access government schemes.

“In particular, schemes like the Government’s Home Guarantee Scheme, which comprises the First Home Guarantee, the Family Home Guarantee and the Regional First Home Buyer Guarantee, can enable first home buyers to secure their first home sooner and invest in their futures,” Dr Baumann said.