Downsizing there are more upsides than you think!

DOWNSIZING - There are more upsides than you think!

Planning Minister Matthew Guy recently noted that Melbourne’s population is growing by 1500 people per week, which is more than any other State in Australia, and equal to the combined growth of Brisbane, Adelaide, GoldCoast, Newcastle and Canberra.

The Australian Bureau of Statistics (ABS) has observed Melbourne being the fastest growing Australian capital city for the last 11 years, and it is anticipated that by 2050, Melbourne’s population will have reached between 5.6–6.4 million.

However, what is more interesting is that as a community we are changing. In 2010 a report fromthe Australian Institute of Health and Welfare (AIHW) revealed that the average age of first time mothers increased to 30 years old andthe proportion of older mothers (classed as 35 and over) continues to increase. We’re seeing the average family size reduce to 1.8 children and the ABS predicts that we’ll continue to see a steady decline in the size of our households, as by 2026 the average house will consist of a total average of 2.3 people.

Naturally, during this period Melbourne’s property landscape has evolved to cater for our expanding population, smaller family sizes and new lifestyle preferences. As you would be aware, historically, the preferred Melbourne residence has consisted of a single dwelling property, with generous bedrooms, separate living spaces and large a backyard, however what we have been seeing in recent years is a shift towards smaller dwellings, such as apartments and townhouses. This external observation is supported by ABS statistics that show from 1991 to 2001 nearly 45% of all new dwellings were either attached or semidetached dwellings.

Furthermore, we’re now seeing that only 59% of all housing stock in the inner ring of Melbourne is standalone houses, with the remaining 41% being apartments, units and townhouses.

So, what does this all mean, particularly for those who enjoy their family homes, and have no interest in moving, but would like to capitalise on this shifting market? We would recommend that subdividing could deliver a win/win solution for you and the demands of the market.

Subdividing was highlighted as one of the top four winning strategies for property owners and investors ‘Smart Property Investment’ magazine in May 2012, and therefore it could prove fruitful for property owners, those seeking smaller dwellings, and our ever-growing Melbourne population.

Visit us at: http://dovetaildevelopments-com-au.198b.com.au/