The new Australian Dream
The shift towards city life has had a significant impact on the stereotypical Aussie home with a white picket fence and Hills Hoist in the backyard.
According to the Australian Bureau of Statistics, in the 1990s, there were three houses approved for every apartment. However, two decades later, the gap has halved with 1.5 homes being approved for every unit.
Research undertaken by LJ Hooker has identified five key trends which represent how the living preferences of Australians have changed.
Rise of the rentvester®
Young people in their 20s and 30s rent in inner city areas to enjoy the lifestyle offered by cafes, restaurants, shops and nightlife. But often buying into that lifestyle is unattainable. Alternatively, they purchase in more affordable, suburban areas, identified for future growth. We call these purchasers the rentvesters.
Rise of the home developer
Home owners have more confidence to redevelop their own lots to create duplexes or a small apartment block, and sell the surplus dwellings. It is particularly popular amongst downsizers or investors wanting to make good returns.
Baby boomers migrating back to the city
The children have left, so there’s no need for such a large home, leading Baby Boomers to head back to the convenience of an apartment on the city fringe and the activities that this lifestyle offers.
Families living in apartments
Affordability and proximity to work is leading many couples to raise their children in apartments. Parents can’t afford to spend too much time travelling and want their children to be near the best educational and medical facilities. Many apartment buildings incorporate open space or amenities for exercising.
Migration influences on the (New) Australian Dream
Net overseas migration continues to be the biggest driver of population growth in Australia.
Australia is a country of immigrants with a long history of attracting new residents from other shores who seek out Down Under for the dream life. Part of the dream involves owning their own home and building a life around that to support their family. New immigrants will look long and hard to realise this dream.