Whether you’re buying a property to invest in or call home, it’s a good idea to look at emerging property trends, to support your purchasing decision.
Buying a property that can accommodate a growing family in a major city is challenging on the average family income. Instead, some buyers are looking in outer metropolitan and regional areas within two hours’ drive of a capital city. These are considered “lifestyle locations”, according to REA chief economist Nerida Conisbee, because buyers can afford larger blocks and homes.
Properties in these outer locations are also a popular first investment, even if the buyer remains renting and working in the city. These ‘rentvestors’ are getting into the property market without giving up the benefits of their current lifestyle.
High-rises coming to the outer suburbs
Speaking of outer locations, apartments are no longer confined to CBDs. Many councils in outer metropolitan areas have given developers the go-ahead to create higher-density living quarters. Affordability is the key to this trend, but the changing nature of people’s employment, where workplace locations are no longer focused in city centres, also supports the move away from primary CBDs.
Keeping it all in the family
Another trend to watch is the move towards multi-generational households. These are becoming more common as elderly parents require care, or when they find living alone becomes too expensive. Families benefit because older relatives can supervise young children. According to John McGrath of McGrath Estate Agents, Asian immigration has given this trend a nudge, as multi-generational households are the norm in many Asian cultures.
Property sizes are growing to accommodate the increased number of people under one roof, with popular additions including extra bedrooms, granny flats and self-contained levels. Multiple bathrooms are also a must.