Skip to content
Property Real Estate

THE FUTURE IS NOW OPEN FOR INSPECTION

triSearch 2 mins read

We may not see flying cars but more likely, a continuation of today's macro household trends.There will be 13 million homes that will house a population of 36 million in Australia in 2040, up from 11 million homes for 26 million people today.

Australian Conveyancer magazine, released last week, reveals how our cities will look in 20 years; how the family household will most likely be structured; and just what levels home prices will reach for the next generation.

Magazine link:

Australian Conveyancer edition five - Welcome to Tomorrow Land

In this month’s edition, we announced that the future of housing was now open for inspection, including:

  • How our cities will look in 20 years.
  • How the family household will most likely be structured.
  • Just what levels will home prices reach for the next generation?
  • Where Australia's capital ranks globally in terms of affordability.
  • City-by-city projection of housing valuations to 2030.

In other insights:

  • Home prices will grow at an average annual rate of 7%. By 2030 the median price for a house will be $1.8m (up from $1.2m), Melbourne will be $1.5m in seven years (up from $897k), while Brisbane’s median prices will hit $1.2m (up from $767k).
  • There will be more single-adult and single-parent households in 2041.
  • The Australian Bureau of Statistics predicts that homes containing couples with children will make up 43% of Australians.

In the meantime, purchasing a home will not be pretty for the foreseeable future.

  • In 2024, families will need a household income of $230k and a deposit of $243k to service a 30-year loan just to purchase an average prices home of $1.2m.
  • Melbournians has a gross household income of $175k and a deposit of $179k to buy a $897k home.

The Bank of Mum and Dad (if one exists for some) may be needed to get some first-home buyers into the market.The rather bleak home-buying picture today is profoundly illustrated in a global housing affordability index. The Demographic International Housing Affordability study rates affordability in 94 global markets using a ratio of average home prices against average incomes.The list of 94 ranks Hong Kong (#94) as the least affordable place to live followed by Sydney (#93). Melbourne (#86), Adelaide (#81), Brisbane (#78). If you want to live cheaply, go to Pittsburgh in the US.  Australia may be paradise but we have to pay for the privilege of living in the best place on Earth.

More property news available in Australian Conveyancer edition five.

Magazine link:

Australian Conveyancer edition five - Welcome to Tomorrow Land


Contact details:

Chris Gibbs, CEO of triSearch: 

T: 0412 080 712

W: trisearch.com.au

Bio: Chris is an innovative, resilient, and results-driven CEO and General Manager with 25+ years of leadership experience encompassing Cyber security and Cloud services. Chris has experience across Sales and Marketing Strategy, Business Development, Account Strategy, Software-as-a-Service, Media, telecommunications, banking and finance, retail and manufacturing

More from this category

  • Building Construction, Property Real Estate
  • 18/07/2024
  • 09:00
New Romans

Keyton land acquisition expands its Victorian development pipeline

Keyton, one of Australia’s leading retirement living developers, has acquired its first landparcel under its new name with the purchase of 500 Burwood Highway in Melbourne’s leafygreen Vermont South. “This is an exciting milestone for Keyton as we pursue our growth strategy both here inVictoria and across Australia,” said Nathan Cockerill, Keyton Chief Executive Officer. “This is the first acquisition we have made since we stood up Keyton as an independentbusiness from our Lendlease retirement living origins and I commend the team, led by Headof Development Jason Fitzgerald, for successfully executing the purchase. Jason Fitzgerald says this acquisition is a…

  • Contains:
  • Finance Investment, Property Real Estate
  • 16/07/2024
  • 10:05
MyBrix Pty Ltd

Buy property with a little help from your friends (and family)

Sydney, Australia, 16 July 2024: For first-time homebuyers, the dream of owning a property can often seem out of reach due to soaring property…

  • Contains:
  • Government VIC, Property Real Estate
  • 15/07/2024
  • 14:11
Housing for the Aged Action Group

Statement on appropriate regulation of land lease communities

Melbourne, July 15: Land lease communities need better regulation to protect older people from mistreatment, according to Housing for the Aged Action Group. Today a story published by the ABC highlighted problematic deferred management fees charged by some land lease communities or residential parks. These often-exorbitant fees make it extremely difficult for older people who have purchased properties in these communities to leave. Housing for the Aged Action Group Executive Officer Fiona York says these fees are just one example of many problems caused by a lack of regulation. “This shocking story is unfortunately not a surprise to us,” she…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.