The arrival of Covid-19 and its resultant impact on so many Victorians has changed the way we live in a number of different ways. One of the changes that many people may not have expected has been an increase in the number of adult children returning to live with their parents as a result of job losses and reduced income as the full impact of social isolation measures is felt. To put it in a nutshell, numerous empty nests around Victoria have been refilled!
A recent survey of over 1000 households in our nation found that 26 per cent of Australian homes had an adult child living at home. The impact of the coronavirus was evident in the fact that of these adult children living with their parents, 21 per cent had moved there during the past two months as a result of Covid-19!
Not surprisingly, some of those young adults returning to the nest have made the move to support elderly parents who may have medical issues. However, it seems the majority have done so in order to deal with the economic hardships of the lockdown, particularly if they work in industries like retail or hospitality.
Whatever the reasons behind the move, the addition of an extra adult to what was previously a household of one or two can have a major effect on all the family members. From privacy issues and increased household bills, to arguments over internet access and uncertainty about future employment opportunities, it seems that many families are discovering additional sources of tension in an already uncertain world.
If your formerly empty nest is one of those that has become more crowded lately, and you are considering making a move in order to address what may become a long-term challenge, you can call the team at Ian Reid Vendor Advocates for advice on 9430 0000. You’ll also find lots of helpful tips on selling your property in our free booklet, “Fatal Real Estate Traps Exposed”. Feel free to download a copy while you’re here.