New research indicates an emerging bunch of "social tribes" are redefining our housing market.
While housemates, newlyweds, families and empty-nesters were always considered the main pillars of Australia's property market, several new social groups are redefining the way we buy, sell, rent and renovate.
According to the CommBank Future Home Insights Series, these new household groups have come about thanks to technological advancements, population growth, migration patterns, age demographics and housing design models.
Here are the 10 new social tribes -
Single-person households are the fastest-growing household type - expected to comprise more than 26 per cent of Australian homes by 2030.
DINKs: Double Income No Kids
The influence of this demographic has long been on the rise, but many couples are delaying children until later in life, or not having kids at all. They tend to gravitate to inner city areas.
Lifestyle renters are set to make up a third of the property market. They rent by choice, possibly thanks to the flexibility this offers.
The Home-Work Tribe
By 2030 one in three workers will be freelance, CommBank found. This will create the 'Home-Work Tribe'.
"This tribe craves space that can be easily set up to accommodate their work and life needs with reliable wireless technology, sliding separation doors and flexible building design that allows owners to tailor their house to their needs," CommBank explained.
This group - traditionally thought to be two parents and two kids - isn't new and continues to comprise a significant group of homeowners. However, the definition of this group is expanding to include same-sex parents and non-traditional family units.
This group is exactly like it sounds: multiple generations living in the same home. CommBank calls this group a "throwback to yesteryear", when it was common for extended families to share a roof. Caring for the elderly and inviting older generations into your home is common in many cultures, and will become more mainstream in Oz.
As the name suggests, these are investors looking to buy up big in hot property markets, particularly high-rise apartments in capital cities.
Peter Pans are Baby Boomers - born between 1954 and 1965 - who are still "young-at-heart" and love live independently. CommBank claims new technological advancements in the home will make living alone more possible for people well into their 60s, 70s and beyond.
This group is comprised of people switching the big smoke for regional life. Thanks to improved transport links and technology, this group can still work in the city or remotely, without the urban lifestyle.
As the name suggests, these are a group who choose to share homes well into adulthood. They may be home owners themselves, looking for casual renters, or just looking to save money.
How this will impact the market:
- Homes will need to be more adaptive in terms of technology and layout. "Think flexible floor plans, sliding walls, mechanical ceilings and robotic furniture – all ways that architects and designers are making small spaces feel big," CommBank explained.
- When it comes to health and fitness, technology is expanding beyond wearables that encourage you to get moving. This technology can now be incorporated into your home.
- Sustainable living is important to future generations and will influence housing design. Commbank explains, "By 2030, more Australian homes will function as self-sufficient ecosystems, generating their own electricity, disposing of waste, recycling water and growing fruit and vegetables."
- Australians are definitely looking to downsize, seeking out "smaller-but-smarter" homes.
- In-line with the rise of 'The Home-Work Tribe', homes must incorporate zones for work and play. Maybe this will be an adaptable kitchen bench, or fold out desks.