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Apartment living is popular in modern
countries like Australia. The high prices of
properties leave people with no choice ...
Contributing factors
The study showed that baby boomers prefer accommodations that provide flexibility
and space. They ten...
Dealing with the challenges
While Australia has plenty of apartments, only a few have prices that meet the
financial capac...
Resources:
http://www.pointcorp.com.au/brisbane-apartments/2-bedroom/
http://www.abc.net.au/news/2013-11-25/baby-boomers-c...
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Why Are Baby Boomers in to Multi-Bedroom Apartments?

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Apartment living is popular in modern countries like Australia. The high prices of properties leave people with no choice but to rent homes. In fact, a recent study suggests that there may be more multi-bedroom apartments in Australia because of baby boomers.

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Why Are Baby Boomers in to Multi-Bedroom Apartments?

  1. 1. Apartment living is popular in modern countries like Australia. The high prices of properties leave people with no choice but to rent homes. In fact, a recent study suggests that there may be more multi-bedroom apartments in Australia because of baby boomers. Baby boomers as property renters A researcher from the Australian Population and Migration Research Centre at Adelaide University revealed that baby boomers, which make up about 25% of the population, are choosing apartment living over home ownership nowadays. This spurs a demand for apartment construction. Why Are Baby Boomers in to Multi-Bedroom Apartments?
  2. 2. Contributing factors The study showed that baby boomers prefer accommodations that provide flexibility and space. They tend to go for homes that have good infrastructure and complete amenities, all of which are evident in apartments. They are also on the lookout for apartments that promote a luxurious lifestyle. The researcher also noted that multi-bedroom apartments are popular for baby boomers because of their cost-effective and value-added benefits. Most of them are retiring in two or three-bedroom apartments that are low-maintenance and potentially a long-term investment. They normally use one bedroom and lease the other to sustain mortgage payments or simply for profit. Mobility is another reason baby boomers prefer apartment living. They prefer living in accommodations where they can easily move out should they go on long vacations or permanently relocate elsewhere. Around half of the houses in South Australia’s Copper Coast are holiday houses that belong to baby boomers.
  3. 3. Dealing with the challenges While Australia has plenty of apartments, only a few have prices that meet the financial capacities of baby boomers. In addition, the exodus of baby boomers in certain areas may create problems in transportation, infrastructure and other public sectors. These create potential affordable housing shortage and urban planning problems in the future. To address this, the government is speeding up the construction of apartments in densely populated areas. They also plan to increase residential properties, improve infrastructure and implement zoning changes in regional areas to better accommodate baby boomers. Property developers are also constructing apartments with affordable materials and to meet the housing demand. Around 45% of each property development project consists of smaller and compact two-bedroom apartments and one bathroom. This makes the prices of apartments and other residential areas more competitive as a result. With more people becoming property renters, does this mean the end of the Australian dream of home ownership? Not necessarily. Some baby boomers just prefer low maintenance apartments to suit their lifestyle needs or for investment purposes.
  4. 4. Resources: http://www.pointcorp.com.au/brisbane-apartments/2-bedroom/ http://www.abc.net.au/news/2013-11-25/baby-boomers-compete-with- gen-y-in-property-market/5114972 http://www.domain.com.au/news/demise-of-onebedroom-apartments- as-buyers-drawn-to-flexibility-and-space-20150512-ggzdxy/

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