A glimpse at the home of the future

Trying to predict what style of housing people may prefer in the future is never easy. After all, our home is a reflection of so many different factors. However, the Commonwealth Bank recently released the first of a series of “Future Home Insights” reports that identify major trends that are likely to affect the Australia’s housing market by 2030. These reports are designed to help home buyers understand how the property market is evolving, and hopefully make more informed decisions about where, what and when to buy.

It is worth noting that Australia’s population is expected to reach 30 million by 2030, (up from 24 million in 2016). So with an extra 2.7 million homes needed to accommodate the extra residents, here’s the trends that the report says will affect them:

1. Australian homes are among the largest in the world, but average sizes have begun to drop recently and are expected to continue to decrease in the future.
2. Part of this trend is because multi-residence developments are becoming more prevalent, (both units and apartments), and this trend is also expected to continue.
3. Single resident households are also on the rise, as Australians are marrying later, divorcing more often and living longer.
4. By the year 2030, one in five Australians will be over the age of 65. That’s an increase of more than 50%, and will be the largest increase of any age group. So expect to see more housing designed to cater for the needs of this group.
5. The ageing population is expected to increase demand for improved access to facilities like public transport and health services. Personal security is also expected to be a key factor.
6. Last, but not least, with 70% of our gross domestic product now produced by the services sector, there is an expectation that future housing will have an increased emphasis on catering for a “mobile and digitally-focused workforce, particularly as more companies introduce remote and flexible work arrangements”.

Obviously, reports like these tend to focus on broader trends rather than looking at individual circumstances. So if you are weighing up your options on when to sell, don’t hesitate to give one of our helpful Customer Service team at Vendor Advocacy Australia a call on 1300 400 400.