New tribes of people continue to enter the property market, with household groups no longer constrained to the familiar titles of newly-weds, nuclear families, or empty-nesters. The Commonwealth Bank has identified ten emerging new tribes that will make an impact by 2030. Tribes include the social singles, DINKS, lifestyle renters, home work tribe, multi-generational clan, nuclear family, peter pans, city switchers, mid-life flatmates, and property accumulators.
1. Social singles
According to Commonwealth Bank, social singles are the fastest growing tribe in Australia. 26 percent of all homes are likely to identify as single-person households by 2030, and the market will need to adjust as a result. Social singles are more likely to live in apartments with flexible design and building needs, with their numbers growing by 2 percent annually.
DINKS (Double Income, No Kids) include couples under 45 years of age with no children. This property tribe are more likely to gravitate towards inner-city apartment living, with high income jobs and proximity to entertainment districts prioritised over the suburban dream.
3. Lifestyle renters
With property values in Australia and New Zealand continuing to climb, some people simply never make it onto the property ladder. It's not all about lack of opportunities, however, with people increasingly prioritising lifestyle, travel, and flexibility over the demands of paying a mortgage.
4. Home work tribe
The home work tribe is growing, with one in three workers expected to be employed on a freelance basis by 2030. This growth is fuelling big changes in architecture and design, with offices becoming mandatory in even the smallest homes and dual-purpose furniture capable of transforming living areas into productive working spaces.
5. Multi-generational clan
The economic realities of home ownership and rise in multiculturalism is leading more people to cohabit with their children, parents, and grandparents. The multi-generational tribe is all about the family, meaning big homes and lots of bedrooms.
6. Nuclear family
The nuclear family is not going away just yet, although it is changing before our very eyes. While the average number of children in this tribe will stay around two, same-sex couples and surrogate parents are increasingly being added to the mix.
7. Peter pans
Peter pans, also known as the young-at-heart tribe, include all people that will be aged between 65 and 76 in 2030. While previous generations may have retired from life and entered elderly communities at this stage, technology-enabled peter pans have every intention of living independently for as long as possible.
8. City switchers
This property tribe has made the choice for a relaxed regional lifestyle over the hustle and bustle of the city. Technology and regional transport links have made this choice easier for many, with things only likely to improve in this regard leading up to 2030.
9. Mid-life flatmates
While share-houses are largely associated with people in their 20s and 30s, an increasing number of home owners are becoming mid-life flatmates as a way to generate short-term or long-term rental income.
10. Property accumulators
While property investment is nothing new, property accumulators of the future will need to go to extra lengths to understand the needs of the household tribes that inhabit the new developments and high-rise apartments expected in most capital cities.
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