New insights from Great Southern Bank’s latest No Place Like Home report show that home plays a defining role in Australians’ mental wellbeing.
Eighty-three percent say their housing situation significantly affects their mental health, a connection that strengthens with age.
The research also found 81% see their home as their happy place, 78% say it’s where they can truly express themselves, and 73% say happiness comes from being with loved ones rather than the building itself.
Rolf Stromsoe (pictured), Great Southern Bank chief customer officer, said the emotional value of housing is increasingly clear.
“Buying a home has always been a big financial milestone for Australians, but we’re now seeing just how deeply emotional it is too,” Stromsoe said. “For many people, owning a home isn’t just about bricks and walls – it’s about freedom, stability, and a true sense of belonging.”
The findings come as affordability sinks to decades-low levels, with Cotality reporting record mortgage, rent, and deposit burdens, and Mortgage Choice noting widening generational gaps as younger buyers take stepping-stone approaches amid expectations of rate cuts.
Despite affordability constraints, 69% of Australians still see owning a home as the most important step toward financial security. The view is strongest among Baby Boomers (78%) and remains significant among Gen Z (60%).
Younger buyers, however, are redefining what financial success looks like, balancing career goals, lifestyle preferences and personal passions alongside homeownership.
“The Australian dream is changing,” Stromsoe said. “Owning a home remains an important goal, but younger generations are redefining success – finding new ways to balance financial goals with the lifestyles they value.”
Australians’ sense of home is deeply social. Gathering, connection, and shared experiences are crucial to how people use and value their spaces.
Across all age groups, spending quality time with loved ones ranked as the top life priority, ahead of financial stability, healthy living and homeownership, the Great Southern Bank study found.
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