Digital advancements and a set of new social ‘tribes’ are set to transform the Aussie housing market by 2030, according to research from the Commonwealth Bank.
In past decades, the makeup of Australian households has mostly looked the same, consisting of dynamics such as flatting friends, newlyweds, nuclear families and empty nesters. However, these classic “tribes” are set to change as Australia’s population evolves.
Increased high-density living, migration, multiculturalism and technological advancements were among the social changes that the report said would lead to the development of a new set of “tribes.”
“What we are seeing is the emergence of new household groups, which will have a direct impact on how Australian property is built, renovated, bought and sold,” said Dan Huggins, Executive General Manager Home Buying at CommBank.
Although most of the household groups or “tribes” identified in the study had existed for some time, the new groups expected to emerge would include the Home-Work group, Social Singles and Multi-Generational Clans. Huggins said that these groups are expected to have the biggest impact on not only the housing market, but also the future architecture of Aussie homes.
“As we become more digitally connected we are able to band together in social groups, or tribes, with people who share our values and are seeking similar lifestyles,” said Shaun Carter, from the Australian Institute of Architects.
“We are not necessarily bound to the social norms and structures that formed our past, and we are increasingly looking to housing and architecture to better reflect this freedom,” he explained.
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