The average suburban street could look very different by 2030 according to a report from the Commonwealth Bank’s Future Home Insights Series.
No longer only made up of the traditional nuclear families, young flatmates, empty-nesters and newlyweds – the Australia of the future will include a diverse range of households all with very specific housing needs, predicts the report.
“What we are seeing is the emergence of new household groups, which will have a direct impact on how Australian property is built, renovated, bought and sold,” said Dan Huggins, Executive General Manager of Home Buying.
“We know that most of these groups have existed for some time, but the newest to emerge, and the ones that will have the biggest impact on how the home is set up in the future, will be the Home-Work group, Social Singles and Multi-Generational Clans.”
Here are the ten social tribes that are predicted to continue to emerge in the next fifteen years:
More than 26 per cent of Aussie homes will be single-person households by 2030, predicts the report. These households will be able to take advantage of smaller and cheaper living areas but will have the challenge of funding the purchase on their own.
Otherwise known as “double income no kids”, these couples have cash to purchase property but don’t necessarily need the same space of a household with children.
The Lifestyle Renter is renting by choice whether because they enjoy experiencing life in different areas or are often travelling for work.
The Home-Work Tribe
According to the report, by 2030 one in three workers will be employed on a freelance basis. This will bring with it the challenge for many of developing homes that double as productive office spaces.
The traditional household with two parents and kids. These homes typically require more space to accommodate all family members and need to be close to facilities such as schools and activities.
Growing in popularity due to the cultural traditions of immigrants, multi-generational households require large homes and potential modifications to assist elderly residents in moving around with ease.
This tribe is focused on their property investments and may choose to like in a smaller property while they rent out another property that they own for a larger return.
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Young at heart, this group consists of ageing Baby Boomers who want to stay in their homes for as long as possible. This requires modifications to homes to make self-care as easy as possible and close proximity to shops and medical facilities.
Enabled by technology and regional transport links, these households choose to live outside the country’s major cities in regional areas.
Potentially because of the cost of housing or simply because of personal choice, this group prefer to continue flatting later into life than has previously been the norm.