Small apartments set for a big future

Small apartments set for a big future

Australia has overtaken the US as titleholder for “home to the world’s largest houses”

Large McMansions on expansive suburban blocks have long been held as the ideal “Great Australian Dream”, while smaller inner city apartments copped a pretty bad rap as the cheap and nasty end of the property market.

However times are changing, with many home buyers and tenants forced to reflect on whether their priority is square footage and a big backyard in the burbs or getting into a property without breaking the budget. 44298531_l

Suddenly that one bedroom apartment seems a lot more appealing.

Whilst many developed countries have embraced the virtues of high-density accommodation clustered around major cities; think New York, Paris, London and Tokyo; here in Australia, our culture has been based on backyards, BBQ’s and wide-open family spaces.

Now though, a demographic shift is occurring, with more single person households and childless couples choosing to live in and around our big cities where employment and lifestyle factors are big draw-cards.

Figures from the Australian Bureau of Statistics (ABS) reveal that the number of one person households will surge to between 3 million and 3.6 million by 2031; a dramatic shift when you consider that in 2006 only 1.9 million people lived alone.

This massive increase is due to a number of factors including;

  • Gen-X’ers downsizing as their children leave the family home. Want to take advantage
  • a forecast jump in the number of DINKS (Double Income No Kids).
    According to the ABS couple-only households are set to overtake the number of families with offspring in the next two or three years, and it’s expected that DINKS will make up 60 per cent of all couple-only households by 2031.
  • a rapidly growing population and continuing housing shortage in some of our major cities.
  • ongoing affordability issues and increasing rental prices forcing many to rethink their size requirements.

Demand for one bedroom apartments, which skeptics have long considered to be less desirable, is set to soar as many Australians adjust their ideals according to what they can afford.

And one of the questions they’ll be asking is; do I really need that extra bedroom? apartment-2094699_1920

In the past singles and couples have, by and large, sought out two bedroom apartments with the perception that…

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