What will the property market look like in 15 years’ time?

The next 15 years could be a testing time for the national property market, as the population ages and their needs from real estate in Bentleigh East become more diverse. This is according to the first of Commonwealth Bank’s Future Home Insights Series, which illustrated that as more people live in Australia, there’s a greater requirement for certain house types.

It’s estimated that this country will be home to as many as 30 million people by 2030. September quarter data from the Australian Bureau of Statistics shows that Victoria is likely to be following the trend, as its population grew 1.7 per cent from the previous year. On a national basis, the rise registered at 1.3 per cent.

One-person Bentleigh East property to be in demand

CommBank anticipates that more people will be looking for one-person homes when they enter the property market. This is because they’re generally getting married later in life and divorce is more common, giving greater reason for them to live by themselves.

This could dictate the type of real estate in Bentleigh East that’s constructed over the coming years. Apartments may become more popular, as could one-bedroom units as people hope to maintain their independence.

As Australians live longer, this also further increases the chances of people needing to live alone at least at some point in their lifetime. For some, this may involve downsizing their existing property.

Matt Hurlston and the team at Ray White Carnegie can help you find a home regardless of what your needs might be. With years of experience in the local market, we can make a real difference to your search.