Generational Living – Part 1
We are seeing the start of a massive change in the way we house ourselves and our families. It is a swing back to the more traditional extended family arrangement, or at least a more dense use of land…but with the ever present demand for privacy and independence.
This does not mean more units in increasing high rises…and it can be achieved.
Since the GFC and now with the economic uncertainties of COVID19, the property market has changed significantly.
Affordability is getting further and further out of reach for young people as the cost of housing increases greater than wages growth.
Whilst rentals are continuing to rise this makes saving for a deposit more difficult and the dream home versus available budget means you either compromise design or delay that new home for longer.
Whilst interest rates are low, lending criteria has become more restrictive and approvals more difficult to achieve.
Higher education is becoming more expensive.
Work from home is becoming a reality thanks to COVID19.
Aged living is becoming more expensive and less desirable as “ageing in place” becomes more desirable.
The cost of living is increasing.
The cost of childcare is increasing.
Electricity costs are increasing.
…It all sounds dramatic, and there is a strong argument that it is. But we are starting to see the green shoots of change. The discussion around affordability has been had for years but in the end, there is only so much reduction of scope and quality that is acceptable to the market. The change that is coming is structural, it will change the core of how we view families and how we view growing up and ageing.
In this 5 part series we’ll explore what the term GENERATIONAL LIVING really means.
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