AUSTRALIAN PROPERTY INSIGHTS
VERTICAL COMMUNITIES
CHANGING HOUSEHOLD STRUCTURES
A growing population also paints a compelling future demand picture. Oxford Economics project Australia’s population to grow more than 12% over the next 10 years, nearly 3.5 million people. This compares very favourably with other developed countries. The population growth comes alongside deeper changes in household composition. Delayed marriage, declining birth rates, and a rise in single-person and couple-without- children households are reshaping what Australians need from their homes. Between 2000 and 2021, the average age of marriage rose by over three years, while divorce rates and the proportion of child-free couples also climbed. This change in household makeup is expected to be a structural rather than cyclical trend: the Australian Bureau of Statistics (ABS) projects that through 2046 the majority of the increase in households will be couples without children, single parent households, and lone person households – all conducive to apartment living.
CHART 6
FUTURE HOUSEHOLD COMPOSITION (MILLIONS)
2021
2046
Growth
Couple family with children Couple family without children One parent families/other families
3.1
4.1
30.9%
2.8
3.8
37.5%
1.3
1.8
38.4% 34.0% 43.8%
Group households
0.4
0.5
Lone person households
2.6
3.8
Total households
10.0
13.7
37.1%
6
CUSHMAN & WAKEFIELD
Powered by FlippingBook