{"id":7007,"date":"2016-02-16T01:00:58","date_gmt":"2016-02-15T14:00:58","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7007"},"modified":"2016-02-16T01:00:58","modified_gmt":"2016-02-15T14:00:58","slug":"5-reasons-why-apartment-living-will-become-the-new-norm","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/5-reasons-why-apartment-living-will-become-the-new-norm\/","title":{"rendered":"5 Reasons why Apartment Living will become the new norm – Michael Yardney"},"content":{"rendered":"

 
\nIn today’s show\u00a0Michael Yardney<\/strong><\/a>,\u00a0from Metropole Property Strategists,\u00a0gives us the 5 reasons why apartment living will become the new norm.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 One of the key things that we learn about property investment is that you have to keep up with those changing trends. It\u2019s interesting; in some discussions that I\u2019ve been having with Michael Yardney \u2013 who\u2019ll join me in just a moment \u2013 from Metropole Property Strategists, demographics is playing a key factor in helping you to determine where you should be investing your property dollars.
\nMichael, thank you for your time. This is an interesting insight as to where the market is going. I know that you\u2019ve assembled some thoughts on why apartment living may just become the norm.
\nMichael<\/b>:\u00a0 Kevin, I believe that demographics \u2013 how we live, where we are going to live, how we want to live, how many of us there are \u2013 is going to be a more important factor shaping the future of our property markets than the short-term ups and downs of supply and demand or interest rates or government factors. And that\u2019s why I agree with you; I think understanding Australia\u2019s lifestyle and demographic trends is what all investors should be studying.
\nKevin<\/b>:\u00a0 Maybe you could take us through a quick look at some of the interesting Australian demographic trends and their implications, Michael.
\nMichael<\/b>:\u00a0 Kevin, these are quoted in the Intergenerational Report that the Australian Bureau of Statistics has brought out. Other demographers are doing a lot of study because it doesn\u2019t only affect property, but it affects planning, it affects commerce, it affects governments.
\nThey\u2019ve shown a couple of trends. One is our population is aging. Our baby boomers are becoming empty nesters and their lifestyles are changing. More are getting ready to retire, Kevin.
\nBut remember years ago, they talked about tree change and sea change. That\u2019s not happening, is it, Kevin?
\nKevin<\/b>:\u00a0 No, not at all, Michael.
\nMichael<\/b>:\u00a0 No. People are wanting to retire close to where they live now. They still want to go to the same hairdressers, the same dentist, be where their friends are. So, one of the big trends is our population is aging.
\nI think the other one is that it\u2019s changing. The average number of people living in each household is decreasing. There are more lone people households, couples without children, and single-parent households.
\nI think both the trends we just discussed a second ago mean there\u2019s less demand for those sprawling properties with four bedrooms and probably more demand for medium-density properties, Kevin.
\nKevin<\/b>:\u00a0 Yes. Of course, in tandem with that, too, our population is growing, Michael.
\nMichael<\/b>:\u00a0 Yes, it is. Our population is currently just under 24 million people, and even though population growth is slowing, it\u2019s estimated our population is going to increase to 28 million people in ten years\u2019 time, so we\u2019re going to get another four million people, Kevin.
\nClose to four out of five of these people, though \u2013 just over 3.2 million people \u2013 are expected to live in our capital cities. They\u2019re going where the jobs are, and more of them are going to go to Melbourne than anywhere else. The Bureau of Statistics thinks that 925,000 people will move to Melbourne, 820,000 to Sydney, 710,000 to Perth, and 530,000 in Brisbane.
\nBut, Kevin, if you look at that, it means we\u2019re going to need 1.7 million new dwellings to house those people, and think about all the extra cars on the road and the infrastructure and the shopping centers and the schools and the cr\u00e8ches. It means that we\u2019re going to need maybe different sorts of dwellings, but it really underpins our economy and our property markets, Kevin.
\nKevin<\/b>:\u00a0 Yes, and of course, with the increased prices in Sydney and Melbourne in particular and those figures you were just talking about, the number of people who will be living in those capital cities, making it even more difficult for first-home buyers.
\nMichael<\/b>:\u00a0 Kevin, I think we\u2019re going to follow the trend of a lot of overseas countries, where in the very big capital cities, it is going to become harder and harder for first-home buyers \u2013 particularly if they want to buy a house, particularly if they want land around them, so more are going to turn to apartments. I think the trend that we\u2019ve seen in the last years of becoming renting investors \u2013 in other words, renting where they choose but can\u2019t afford to buy and buying an apartment as an investor \u2013 I think that trend is going to continue, Kevin.
\nKevin<\/b>:\u00a0 Of course, too, Michael, we\u2019ve seen yours and my generation; looking at the current generation, their preferences have changed a lot.
\nMichael<\/b>:\u00a0 Yes, they have. I think we did want to have a house and land and different areas and live in different places to where our parents did, but I think for the younger generation, there\u2019s an increasing trend of people wanting to live in the city. In our days, no one wanted to live in the city. All they want is to live close to the CBD.
\nWhen we grew up, Kevin, they were more the working-class areas and the poorer areas and the industrial areas. The younger generations want to be closer to their work, closer to their social life, attractions, and they\u2019re actually quite happy swapping backyards for balconies, living in apartments.
\nKevin<\/b>:\u00a0 Yes, and of course, some of those areas have become gentrified, too, Michael, haven\u2019t they?
\nMichael<\/b>:\u00a0 Very much so, haven\u2019t they? What do they call this? The hipster generation, as well?
\nKevin<\/b>:\u00a0 Yes, exactly. So, what\u2019s the bottom line?
\nMichael<\/b>:\u00a0 Well, I think these demographic trends are important. They have important implications. I believe while more of us are still going to want to live in houses in the outer suburbs, a bigger percentage of Australians are going to live in apartments. They\u2019re going to become more popular.
\nWe\u2019re going to have to build the right apartments. I think we\u2019re building too many of the wrong small apartments. There\u2019s a huge demand from baby boomers for reasonably substantial apartments that are lock-and-leave apartments where they can go off and do their things, but not the tiny poky ones. I think even the younger generations are going to want things with a little bit more space, a little bit more amenity.
\nI believe in the future, the properties that will increase in value are those that more people are going to want. If you can own them, you’re going to be a good investor.
\nKevin<\/b>:\u00a0 There you go. Five very sound reasons why apartment living is going to become the new norm. Michael Yardney has been my guest from Metropole Property Strategists.
\nMichael, thanks for your time.
\nMichael<\/b>:\u00a0 My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show\u00a0Michael Yardney,\u00a0from Metropole Property Strategists,\u00a0gives us the 5 reasons why apartment living will become the new norm.   Transcript: Kevin:\u00a0 One of the key things that we learn about property investment is that you have to keep up with those changing trends….<\/p>\n","protected":false},"author":176692471,"featured_media":7010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,25],"tags":[41,101],"class_list":["post-7007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-sponsored-channels","tag-apartments","tag-podcast"],"yoast_head":"\n5 Reasons why Apartment Living will become the new norm - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/5-reasons-why-apartment-living-will-become-the-new-norm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Reasons why Apartment Living will become the new norm - 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