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A New Way of Living
More and more Australians are living in households where more than one generation of adults live together. This is called multigenerational living and is more common in Australia's major cities. In the 2011 census, one in five Australians lived in a multigenerational household.
Why are more families choosing to live with extended family?
In the face of continued high prices for both buying and renting accommodation, Australians are looking at how they can maximise the use of their existing house and land. Australians are slowly embracing the idea of the multi-generational home.
What is multigenerational living?
Multigenerational living is a way for families to deal with the cost of living and housing affordability. By combining resources, families are getting a much more efficient financial situation, as well as the added support of extended family.
There is no denying that our population is aging. In multigenerational living arrangements, the children are there to support their parents to live independently and extend the time they stay outside of aged care.
What are the benefits?
Such living situations can be beneficial for everyone. For example, they provide security for retirees who worked before compulsory superannuation and are at risk of running out of funds. For the children of these older Australians, the most obvious path to owning their first homes is living with parents while saving for a deposit. Other benefits include a live-in baby-sitter or pet-sitter, as well as piece of mind.
All of these factors have increased the demand for properties designed to accommodate more family members, which might include granny flats or multiple living areas. The granny flat industry is growing and the design and look of granny flats themselves have improved markedly. Granny flats are enjoying renewed support from all kinds of residents retirees, renovators and even younger consumers looking for a way into the housing market.
What does it mean for older Australians?
For older Australians looking to downsize but stay near family and not ready for retirement living, the granny flat means independence and security. For renovators, a granny flat can be a haven while builders tear things apart in their main residence. Today's granny flat is tomorrow's home office, teenage retreat, hobby space, guest room, rental accommodation or parental retreat.
Ask us how a granny flat would be suitable for you!
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