Housing affordability has become a pressing concern in Australia and more Australians are moving into group household arrangements than ever before, according to data provided by the Australian Bureau of Statistics (ABS). According to ABS estimates, an estimated 350,000 Australians now reside in co-living or share houses; up from 230,000 just 10 years ago. Property investors who understand this trend have seen an opportunity in building co-living houses which capitalise on it by creating affordable accommodation solutions for Australians who reside here.
Co-living properties are designed for rental by room, featuring shared facilities that make sharing housing more appealing, such as ensuites for every bedroom. One property developer, Gallery Group, describes them as offering “high income meets capital growth”.
At our co-living houses, each room can be rented out independently to maximize your returns and reduce vacancy rates if one becomes vacant for any reason. This way you’re sure not to miss out if one bedroom becomes available unexpectedly.
Co-living communities provide an ideal setting for socialising and forging connections, which makes them the ideal environment to attract overseas workers and students – helping you increase rental income in Queensland where its vibrant economy and unparalleled lifestyle make the state attractive to migrants.
Co-living properties provide tenants with flexible lease terms to meet their individual needs, whether that means extending their stay or moving locations. Tenancy turnover tends to be lower than traditional residential properties and rental periods tend to last longer on average.
Co-living properties provide an affordable alternative for young professionals seeking to escape the sky-high costs associated with buying single-person homes in capital cities or regional centres, helping both renters and property investors escape the rising property price bubble currently underway.
Co-living homes have grown increasingly popular among young professionals and those seeking an easier, less costly life, thanks to online platforms like Airbnb which enable room sharing.
Furthermore, Australia’s shifting demographics and increasing number of single-person households is driving demand for shared living spaces in Queensland market. Coupled with rising international student enrollment and emphasis on experiential living, these factors will continue to fuel co-living growth over time in Queensland market.