Posted on August 5, 2021
Classic, on the money or futuristic?
Newly defined social groups are set to transform housing in Australia.
Peter Pans, Property Accumulators, Lifestyle Renters, Social Singles and Midlife Flatmates are just some of the ten newly identified households that will influence how property in Australia is built, renovated, bought and sold by 2030.
According to new research from the CommBank into the future of homes in Australia, investment property builders will need to embrace new technologies and home design approaches to provide for the needs, desires and lifestyles of these new groups and to satisfy the requirements of potential renters.
According to Dan Higgins, Executive General Manager Home Buying for Commonwealth Bank, shifts in technology, multiculturalism, higher-density living and an evolving population have triggered the identification of these key groups through the ‘CommBank Future Home Insights Series’.
“Technological advancements, evolving housing design coupled with population growth, continued migration and changing age demographics, will bring with it new housing norms. What we are seeing is the emergence of new household groups, which will have a direct impact on how Australian property is built, renovated, bought and sold,” Dan said.
According to the report, five architectural trends have emerged as features that will pave the way for the future of housing and property investing in Australia. These include:
- Adaptive architecture (the ability to reconfigure homes for renters);
- Health and wellbeing residences (residents that actually help people feel better);
- Closed-loop homes (generating their own electricity, disposing of waste, recycling water and growing fruit and vegetables);
- Less-is-more living (smaller but smarter spaces); and
- Home at work (with the growing number of freelancers and agile work practices, homes will provide productive and intellectually focused spaces).
What does this mean for you?
If you are considering investing in property for the first time or adding to your portfolio, consider the next generation of households in your decision process – after all, these could be the future renters of your property/properties.
While established homes (second hand properties) have been designed for the homeowner of the past, new homes in the market are already embracing and providing for these key audiences through clever design, use of space and sustainable living approaches.