More Australians to live alone
According to the Australian Bureau of Statistics (ABS), the number of households in Australia is projected to increase to 12.7 million by 2036.
Census data indicates this will represent an increase from 8.4 million households recorded in 2011.
Interestingly, the number of Australians living alone is projected to have the most rapid increase of all household types, increasing by up to 65 per cent between 2011 and 2036 to 3.4 million. The rapid increase of people living alone is mainly related to Australia’s ageing population.
This forecast in the growth of Australian households provides a need for more housing but, in particular, the need for more affordable housing that can be achievable for single income earners. No doubt, property developers across Australia will see the opportunity for more high rise dwellings that offer single home owners not only an affordable option but also one that often comes with convenient amenities at your door step.
For property investors, these projections by the ABS indicate demand for smaller housing will increase as our population continues to age.
If property investing is something you plan to do then make sure you consider all your investment options including apartment living.