home of the future

What will the home of the future look like?

We all know that forecasting the future with any accuracy is never easy. After all, none of us has a crystal ball. So it’s no surprise that there are so many different ideas on what the home of the future may look like, with many of those variations depending on whether you ask a builder, an architect, an academic or a homeowner. The concept pictured above from Germany is food for thought, but our recent article on  THE LATEST NEWS ON SOLAR ENERGY got us thinking about what Australian homes may look like in a decade or two.

A few years ago the Commonwealth Bank released a series of reports called “Future Home Insights” that identified major trends that are likely to affect the Australian housing market by 2030. These reports were designed to help home buyers understand how the property market is evolving, so that we could make more informed decisions about where, what and when to buy.

We need to remember that the home of the future needs to be viewed in a market where Australia’s population is expected to reach 30 million by 2030, (up from around 25 million today). With an extra 2.5 million homes needed to accommodate the extra residents, here’s the trends that the report says will impact on them:

  1. Australian homes are among the largest in the world, but average sizes have begun to drop recently and are expected to continue to decrease in the future.
  2. Part of this trend is because multi-residence developments are becoming more prevalent, (both units and apartments), and this trend is also expected to continue.
  3. Single resident households are also on the rise, as Australians are marrying later, divorcing more often and living longer.
  4. By the year 2030, one in five Australians will be over the age of 65. That’s an increase of more than 50%, and this will be the largest increase of any age group. So we should expect to see more housing designed to meet the needs of this group.
  5. An ageing population is expected to increase demand for improved access to facilities like public transport and health services. Personal security is also expected to be a key factor.
  6. Last, but not least, with 70% of our gross domestic product now produced by the services sector, there is an expectation that future housing will have an increased emphasis on catering for a “mobile and digitally-focused workforce, particularly as more companies introduce remote and flexible work arrangements”.

Obviously, reports like these tend to focus on broader trends rather than looking at individual circumstances and needs. If you are considering making a move to a home that is more suited to your needs in the future, don’t hesitate to give one of our friendly Customer Service team at Ian Reid Vendor Advocates a call on 9430 0000.