The vast majority of Australians believe that their housing situation plays a vital role in their mental wellbeing, according to new research.
Great Southern Bank’s latest No Place Like Home report has revealed that housing is a core player in mental wellbeing.
The third annual report – which is based on a survey of approximately 2,000 Australians aged 18-65 conducted by The Clever Stuff, in partnership with Pure Profile – has shown that a person’s housing situation is tied closely with their emotional and mental state.
Older Australians, in particular, have a higher link between their housing situation and their mental wellbeing. According to the report, 87 per cent of Baby Boomers believe their housing situation plays a vital role in their mental wellbeing, compared to 85 per cent of Millennials and Gen X, while just 78 per cent of Gen Z believe so.
Great Southern Bank said 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.
Instead, younger Australians tend to prioritise affordability and flexibility, reflecting their life stage and their financial situation.
Other findings from the report show that there is an emotional connection to homes.
More than four-fifths (81 per cent) said their home was ‘their happy place’, for example, with 78 per cent saying it was somewhere ‘they can express themselves’.
Just under three-quarters (72 per cent) said their home was not a physical building, but where their loved ones are.
But while the report found that Australians increasingly view home ownership as an emotional investment, financial security remains a strong motivator.
Over two-thirds (69 per cent) of Australians consider owning a home the most important step toward achieving financial security. This was more strongly felt by Baby Boomers than Gen Z (78 per cent versus 60 per cent).
The younger generations seem to have a broader definition of financial success – ranking career achievement and pursuing passions alongside home ownership – according to the report findings.
Across all age groups, spending quality time with loved ones ranked as Australians’ top life priority, followed by financial security and stability, a healthy lifestyle, and home ownership itself.
Speaking of the findings, Rolf Stromsoe, chief customer officer at Great Southern Bank, said: “Buying a home has always been a big financial milestone for Australians, but we’re now seeing just how deeply emotional it is too.
“For many people, owning a home isn’t just about bricks and walls – it’s about freedom, stability, and a true sense of belonging. These are the things that matter most to Australians and play such a big role in their overall happiness and wellbeing.
“The Australian dream is changing. 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.”
Earlier this year, Great Southern Bank noted that the report also revealed that many Australians may be waiting longer than necessary to speak with brokers and could seek out advice while holding a smaller deposit.
It found that more than half (46 per cent) of Australians think they need at least $100,000 saved before seeking advice, while 20 per cent believe $50,000 is the minimum, and 13 per cent think they need at least $20,000.
In spite of many savers waiting until they have over $100,000 to seek advice on how to buy property, 52 per cent said they wished they had purchased a house sooner.
The Great Southern Bank research found that a misconception existed for borrowers in believing they needed a certain amount saved before seeking advice, describing the view as a ‘major blind spot for Australians’.
The problem was particularly pronounced with Gen X and Baby Boomers.
[Related: Borrowers could seek advice from brokers sooner, research shows]
