Professionals Richmond Single people are now one of the fastest growing segments in the housing market. The latest census figures show that single person households account for 24.3% of the housing market. This number has grown steadily over the last 2 decades of recorded data.
It could be said that changing demographic trends such as single people waiting longer to enter marriage or long term relationships can account for this rise.
This growing trend of single person households has shown a steady rise in the popularity of one bedroom apartments that are located in areas of social infrastructure, such as the city and surrounding suburbs. The rise in trendy bars and restaurants has also made these areas ideal for this type of accommodation.
Single people may find the following tips to be useful when looking for accommodation:
- Many single people make the mistake of buying a family home, similar to their parents, which is not suited for their needs. It is important not to financially overextend yourself by purchasing a home based on an emotional decision rather than specific needs.
- An older style apartment in a good location can be a good option as they are typically more affordable and can be modernised at a lower cost than buying a new property that might be located in a more inferior position.
- Look for outdoor entertaining areas such as balconies or courtyards that can be well utilised to provide a space to escape the inside living.
- Car parking and security features are very important in city and inner city living.
- Make sure you understand the strata requirements prior to buying a unit or apartment in a group. Those complexes with pools and gyms etc will generally ask a much higher strata fee.