The period between now and 2030 will be interesting for Belconnen real estate and other parts of the country, as demographic changes create a need for different types of property. Commonwealth Bank's Future Home Insights Series suggests that one-person homes will become increasingly popular, especially as Australians live longer and have more reason to be on their own.
Knowing what the future trends are is critical when entering the property market, CommBank senior economist Michael Workman explained.
"Whether you are looking to buy your first home, or make a new investment purchase, understanding future market trends can help you make a more informed decision about where, what and when to buy," Mr Workman noted.
The bank highlighted that Australians are leaving marriage until later in life, and divorce is becoming more common, giving further reason for one-person homes to rise in popularity. Data from the Australian Bureau of Statistics (ABS) shows that in the September quarter of last year, the national population increased 1.3 per cent from the previous year.
In the ACT, this rise registered at 1.4 per cent, making it one of the greatest increases in the whole country. The need for more properties is therefore just as strong here as it is in larger states and territories.
CommBank believes most people will gravitate towards metropolitan areas over the coming years, meaning there's an even greater need for construction to keep pace. Estimates show that another 2.7 million properties will be needed for people to call home over the next 15 years
Whether one-person real estate in Belconnen features as part of the mix will be the decision of town planners and policymakers. However, there is an obvious need for this kind of home, so it would make sense to get started on providing them sooner rather than later.