16 Jul A typical home in profile
The stereotypical Aussie family home made up of mum, dad and a couple of kids is on the wane, as couples without children fast become the family norm.
As our population ages and baby boomers become ’empty nesters’, it is predicted that couples without children will increase the fastest of all family types, making up 43% of all families by 2031.
Other big changes include a massive increase in the number of Australians living alone – again largely a result of an ageing population. This type of household is expected to increase by up to 91% over the next 25 years, representing the fastest growing household type over the period 2006 to 2031.
The number of people in our households will continue to decline until it reaches an average of between 2.4 and 2.5 by 2031. By 2016 Australia’s household size is projected to be the same as Japan and New Zealand and larger than England (2.2) and Scotland (2.1).
Although there will be fewer people per house, the number of households continues to rise. Estimates place the number of Australian households at over 11 million by 2031, an increase of 4 million households since 2006. Over the same period, Australia’s population is projected to increase by 39% to 28.8 million people.
So what picture does this paint for property investors? It shows there will be plenty of demand for property into the future but it will pay to keep an eye on projected demographics when planning your next property purchase.