{"id":8512,"date":"2016-07-08T15:00:10","date_gmt":"2016-07-08T05:00:10","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8512"},"modified":"2016-07-08T15:00:10","modified_gmt":"2016-07-08T05:00:10","slug":"new-property-trends-multi-gen-living","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/new-property-trends-multi-gen-living\/","title":{"rendered":"New property trends: multi-gem living – John McGrath"},"content":{"rendered":"

In his column in\u00a0Switzer<\/a>, John McGrath discusses the latest property trends\u00a0multi-gen households and its affects on the market.\u00a0<\/strong><\/p>\n

Here’s what he had to say:<\/h4>\n

One of the best things about Australian property buyers and renters is their ability to adapt to changing market conditions.\u00a0\"mcgrath\"<\/a>
\nAs we all know, one of the greatest challenges today is the ability to afford a place to live, and more specifically, a place to live in the area you actually want to reside in.
\nOver the past five years alone, we\u2019ve seen some significant new trends in the marketplace that have come about purely due to Australians\u2019 ingenuity in dealing with this challenge.
\nAmong those trends are:<\/strong><\/p>\n

    \n
  1. First home buyers purchasing for investment in affordable areas to get a foot in the market and renting in their preferred area for lifestyle<\/li>\n
  2. Parents going guarantor on a loan, or providing the deposit for their child\u2019s first home<\/li>\n
  3. Siblings or friends pooling funds to get out of the rental cycle and purchase a property they can live in together<\/li>\n
  4. Young families leaving expensive cities like Sydney in favour of a better lifestyle and greater affordability of housing in major regional markets and;<\/li>\n
  5. Families choosing apartment living over houses so they can afford to buy where they want to live<\/li>\n<\/ol>\n

    Another rising new trend to combat affordability is extended families living together \u2013 or multi-generational living.
    \nBy extended families, I\u2019m talking typically about mum, dad and their kids, plus grandparents.<\/p>\n

    The rise of multi-gen households<\/h4>\n

    Research undertaken by UNSW\u2019s City Futures Research Centre shows multi-gen living in Australia has been steadily increasing since the 1980s.
    \nIn 2006, around 1 in 5 Australians (and 1 in 4 in Sydney) lived in a household with two or more generations of related adults aged over 18.
    \nYou might not be surprised to find this is a trend in Sydney, where property prices are more expensive than anywhere else in the country.
    \nBut the city that has experienced the greatest growth in multi-gen living is actually the far more affordable Brisbane, where the number of multi-gen homes increased by 51.7% between 1981-2006 compared to 36.1% in Sydney.
    \nThis demonstrates that there are other reasons for the rise in multi-gen living.<\/strong>
    \nAside from financial pressure, the next most common reasons are the need or desire to provide care to a family member, usually a grandparent \u2013 a trend we should expect to see rising due to our ageing population, and children staying at home longer because they are delaying marriage and want to avoid paying rent so they can save more for their first home.\u00a0\"38817779_l\"
    \nMulti-gen living is also a trend in the US, where 57 million Americans, or 18% of the population, lives in households with two or more generations.
    \nIn 1980, it was 28 million.
    \nThe trend spiked during the GFC and has continued rising, according to the Pew Research Centre.<\/p>\n

    The benefits of multi-gen living<\/h4>\n

    Besides housing affordability, there\u2019s a few other benefits to multi-gen living that people talk about too;<\/p>\n

      \n
    1. Free childcare from the grandparents, with both mum and dad typically working to pay the mortgage<\/li>\n
    2. Greater sharing of household chores, reducing the amount of housework done by each family member<\/li>\n
    3. Security for the grandparents that someone will be there to look after them as they age and battle health issues<\/li>\n<\/ol>\n

      There\u2019s another reason we\u2019re seeing more multi-gen households in Australia \u2013 rising immigration, particularly from Asia.
      \nIn Asia, multi-gen living is normal.<\/strong>
      \nSo when they come to Australia, it\u2019s a culture they bring with them.\u00a0\"19154622
      \nAs more Asian families move here, more multi-gen households will form.
      \nThe type of housing that multi-gen families target certainly varies depending on their budget, but also their relationships.
      \nFor some families, separation and the ability to live independently of each other, while still being in the same property, is a priority.
      \nIn these cases, duplexes with separate self-contained levels or large homes that allow for some sort of division of space are sought-after.
      \nProperties on large blocks of land that allow for the construction of a granny flat out the back are also attractive to multi-gen buyers.\u00a0\"48226298_l\"<\/strong>
      \nMulti-gens also do their fair share of knock-down\/re-builds and major extensions of existing homes to accommodate their new living arrangements.
      \nMost multi-gen households can be found in our cities\u2019 middle and outer rings, most likely reflective of financial pressures among lower to middle income families and greater availability of larger homes with four or five bedrooms in these areas.
      \nIf you\u2019re thinking of multi-gen living with some of your family members, my advice is be honest with yourself about how you want to live before proposing the idea to your relatives.
      \nConsider where you want to live, how much space or separation you would need for yourself and how costs such as the mortgage, electricity, water and groceries would be split.<\/p>\n","protected":false},"excerpt":{"rendered":"

      In his column in\u00a0Switzer, John McGrath discusses the latest property trends\u00a0multi-gen households and its affects on the market.\u00a0 Here’s what he had to say: One of the best things about Australian property buyers and renters is their ability to adapt to changing market conditions.\u00a0 As…<\/p>\n","protected":false},"author":176692471,"featured_media":8516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,17,27],"tags":[],"class_list":["post-8512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-property-investment","category-trends-topic"],"yoast_head":"\nNew property trends: multi-gem living - John McGrath - 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\/new-property-trends-multi-gen-living\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New property trends: multi-gem living - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"In his column in\u00a0Switzer, John McGrath discusses the latest property trends\u00a0multi-gen households and its affects on the market.\u00a0 Here’s what he had to say: One of the best things about Australian property buyers and renters is their ability to adapt to changing market conditions.\u00a0 As...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/new-property-trends-multi-gen-living\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-08T05:00:10+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"New property trends: multi-gem living – John McGrath\",\"datePublished\":\"2016-07-08T05:00:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/\"},\"wordCount\":812,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Latest Stories\",\"Property Investment Topics\",\"Trends\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/new-property-trends-multi-gen-living\\\/\",\"name\":\"New property trends: multi-gem living - 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