Changing Demographics Drives Demand for Apartments

Released in December 2014, Victorian Government document “Plan Melbourne” sets out the current government’s vision to guide the city’s growth to 2050. The ambitious plan states that 2/3 of all new housing created to the year 2050 will be apartments.

In a continuation of current trends, the government expects a decrease in the numbers of households with families and children and an increase in the number of single person households and couples downsizing. This will be largely driven by an ageing population, shrinking family size and people generally waiting longer to have children. There is also generally an increased acceptance by families to live in high density housing. All this equates to shrinking average household sizes.

The government has stated that they do not believe it is sustainable to continue to accommodate an expanding population in the city’s fringes and will focus on medium and high density development in inner and central areas close to jobs, services and transport.

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