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In response to rising housing prices and demographic changes, families are pooling their resources and embracing multigenerational living.
Dual-occupancy properties are in high demand, with homeowners opting for larger residences to accommodate adult children or elderly grandparents instead of downsizing.
In many cases, with the cost of living at stake, families share spending and caregiving responsibilities, which is a win-win for both parties.
But this also poses a challenge for Gen
11 Coombe Ave, Hope Island
An example of this trend is the recent sale at Hope Island. There, his two-person home with two kitchens, two laundry rooms and two separate entrances sold for $1.2 million.
Marketing agent Warren Hickey of Hope Island Island Realty received overwhelming interest through the campaign.
Mr Hickey said the five-bedroom, three-bathroom home at 11 Coombe Avenue had “a constant stream of inquiries”.
Buyers want to accommodate their adult children as well as their aging parents.
Potential buyers range from interstate couples planning to care for elderly parents to large families considering taking in international students to supplement their income.
“We have a lot of clients who sold their homes three or four years ago when their kids went off to college or went to work, and now their kids are 22 or 23 years old and are coming back. They're renting. 'Because it's too expensive to buy or buy their own place,' Hickey said.
“Suddenly, the family dynamic explodes again and my parents are left with four adults and four cars at home.
“However, as prices for aged care facilities have become so high, more and more grandparents are selling their homes, which they would have owned for 40 years, and are now able to financially contribute to a larger estate where three generations can live together. .”
Australian Bureau of Statistics data shows the number of three-generation households has increased by more than 20% over the most recent five-year period, from 275,000 in 2016 to 335,000 in 2021.
14 Georgina Street, Oxenford sold for $2.55 million
In another recent transaction, Mr. Hickey sold an Oxenford property with two lakeside residences for $2.55 million.
The 4,573sqm property at 14 Georgina Street was sold just six days after it went on the market.
The main home has five bedrooms, a den, and three bathrooms, and the second home has two bedrooms and two bathrooms.
And in Wolongarry, there is a hinterland property offering detached housing on the site, which was sold with an unconditional offer of $2.6 million ahead of auction.
A house in Wolongarry has been sold ahead of auction.
outdoor living space and pool
LJ Hooker Property Hub agent Carl Grossman said a local buyer had secured the property at 5 Quanbourne Street, with three generations of one family living in two homes on the 4,068 square meter site. It is said to become.
Mr Grossman said 25 per cent of the 49 groups who toured the home at 5 Quang Bone Street wanted accommodation for large families.
“These buyers were looking for a multi-generational solution during the cost of living crisis,” Grossman said.
“Many parties, including the purchaser, recognized the unique opportunity to have families so close together and not under one roof,” Grossman said.
“Rising costs of living and interest rates are increasing demand for properties where multiple families can share the costs. This is a great opportunity for older buyers.”
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Grossman said the three-bedroom, one-bathroom secondary home in Wollongary was the first home built on the site in the late 1980s.
“Interestingly, rental income interest in this small property was lower than expected. Most buyers were families.”
The larger family home was built in 2014 and has six bedrooms and four bathrooms.
Despite rising interest rates and inflation into 2022/23, the national shortage of affordable housing was a key factor supporting continued price growth.
If the number of households is small, housing supply will be squeezed and prices will rise.
Prop Track's latest house price index shows Queensland hit a new record high in September, with house prices in each region of the state increasing by around 5 per cent over the past 12 months.
Ray White Group chief economist Nerida Conisbee said Australia was “lagging” in building enough housing to meet the needs of a changing demographic.
“Half of all households are now childless couples or single people,” Conisbee said.
“Fewer children, an aging population and more people living alone are increasing the number of homes needed, which is further accelerated by population growth.”
