The pressures of housing affordability and high rents along with the hustle and bustle of the working world has created a demographic shift with an estimated one-third of young adults living at home. Young adults being defined in an age range of 18-34 years of age. Staying home or moving back in with mum and dad is increasingly common among millennials, reversing some historic trends. In 2016 it was estimated that some 15% of 25-35-year-old millennials were living in their parents’ home, a much larger share than members of Generation X, those born between 1965 to 1979 at 10%, and the ‘Silent Generation’, born 1925 to 1945 when only 8% lived at home at the same age. This so called “boomerang” millennial is more common than might have been expected being a reality across a range of cultural backgrounds, but mostly driven by economic circumstances.
Study Boosts Demand
If you need any evidence of the growing importance of international education to Australia just take a walk along Sydney’s Broadway or Melbourne’s La Trobe Street. Then it’s easy to appreciate how the sector has created more than 130,000 jobs boosting a whole range of activity across the retail, hospitality, and very importantly the property sector. Student accommodation is now big business and, also fires up demand for inner-city rentals. The total value of the sector was in 2016 estimated at $21 billion. That figure includes nearly $300 million that students’ visiting family and friends contributing to Australia’s tourism industry each year, which is another boon for the property sector.
Ikea for Pets
Pets are popular with apartment residents and news that Ikea have introduced a new pet range may create some excitement. Ikea’s line of furniture and accessories have been designed for the comfort and enjoyment of pets. The collection includes a range of dog beds, leashes, bowls, cat hideouts, and toys all designed for household pets. The collection is on limited release in the USA and will soon be available in Canada, France and Japan with the UK to follow in 2018, as for Australian pets there’s no confirmation of a local release date. But for any fashion conscience paws there’s always on-line shopping.
Self-Drive Cars Will Re-Shape Our Cities
Stop for a minute and imagine how self-drive cars might impact our cities. Roy Morgan predicts that car sharing is set to take off in the 2020s in preference to outright ownership. Around 2025 most people won’t own a car anymore as we call a car via an app, it will show up and drive you to your destination.
This trend will change our cities, meaning we will need 90-95% fewer cars. Former parking spaces will transform into parks, and as self-drive cars become common shopping centres will only need pick-up and drop points, car parks can be redeveloped for apartments or leisure space. The car insurance business model will disappear along with premium income. Tech companies like Tesla, Apple and Google are just building computers on wheels, making all this possible. As electric cars become mainstream cities will be less noisy and cleaner because all new cars will run on electricity.
House & Home
The super-trendy urban magazine Monocle recently published a shortlist of key design features, it suggests developers need to keep in mind for new apartment projects. The list was surprisingly simple and contained some very familiar points. Heading the list was buildings with a sense of arrival, let’s call it street appeal, an attractive foyer, along with access to a good range of facilities and attention to detail, the quality of construction, in other words no shoddy work. Storage, decent sized bedrooms and privacy screens were also high on the list. It was not surprising to see good-sized balconies, shared rooftop gardens and access to open space there as well. Finally, home workspaces, a pantry with room for more than one jar of Vegemite, sturdy joinery and sound-proofing were all important and highlighted in the magazine’s research.