The surge in popularity of one-bedroom apartments heralds a new era of solo living that celebrates the joys of having a place to call your own.
A significant shift is occurring in the Australian real estate market, because according to the latest Australian Bureau of Statistics data, Australia is becoming a nation of loners.
Dubbed the ‘Covid hangover’, a growing number of Australians are choosing to live alone, significantly driving up the demand and, subsequently, the prices of one-bedroom apartments.
This move towards solo living is not just reshaping the housing market but also redefining personal spaces and lifestyles across the nation.
Embracing the single life
PropTrack senior economist Eleanor Creagh says single person households are one of the fastest-growing types, and between 3-3.5 million people are projected to be living alone in 2041.
“That could be anywhere between a 19-29% share of the additional households projected by 2041, which could mean more than 1.1 million additional lone person households and up to a 28% share of one person households,” she says.
More and more singles are choosing to enter the property market alone, opting for just the amount of space they need. Picture: Getty
This shift towards solo living is reflected in the skyrocketing demand for one-bedroom apartments, driven by various factors including a desire for independence, financial freedom, shifting demographics and a changing societal outlook on living arrangements post-pandemic.
And while living alone might not be as cheap as living with others, companies like Budget Trucks are alleviating the transition with more affordable moving costs, making moving to a one-bedroom apartment feel more attractive than ever.
Offering a diverse fleet that caters to the varied needs of moving, Budget Trucks underscores the ease and efficiency of embracing the solo lifestyle.
Their range of vehicles ensures that whether it’s a minimal move or a fully furnished apartment, the process is streamlined and stress-free.
So, why one-bedroom apartments?
1. Privacy and independence
The appeal of having a space all to oneself cannot be overstated and one-bedroom apartments offer unparalleled privacy and freedom to curate your living area without compromise.
2. Financially accessibility
Despite rising prices, one-bedroom apartments represent a financially more viable entry point into the real estate market for many, especially when compared with the soaring costs of larger properties.
A more cost-effective option, one-bedroom apartments can accelerate the buyer journey. Picture: Getty
3. Lifestyle compatibility
For young professionals, creatives, and even retirees, the one-bedroom apartment lifestyle aligns with a desire for less maintenance and more flexibility, allowing more time and resources to be spent on hobbies, travel, and personal growth.
4. Location, location, location
Typically located in or near urban centres, one-bedroom apartments offer easy access to work, leisure, and social hubs, making them an attractive choice for those seeking an energetic and connected lifestyle.
5. Safety and security
Apartment buildings or complexes often offer enhanced security features, which can be a significant factor for individuals living alone.
The sense of security that comes from living in a managed building with secure entry points and neighbours close by is a compelling reason for choosing a one-bedroom apartment.
6. Community
Many modern one-bedroom apartments are part of larger complexes that offer amenities such as gyms, pools, and social spaces.
Living solo often means people are out and about more – joining community initiatives, like a run club for example. Picture: Getty
This setup provides a sense of community and additional lifestyle benefits that are appealing to people who value social interaction and convenience.
7. Social mobility
For young adults and professionals, one-bedroom apartments offer the flexibility to relocate for career opportunities without the burden of moving a large household.
This mobility is crucial in a globalised job market where opportunities may span different cities or countries.
8. Changing household structures
With trends such as delayed marriage, higher divorce rates, and an increasing number of single-person households, the demand for smaller, more individualised living spaces has surged.
One-bedroom apartments cater perfectly to this demographic shift.
9. Low maintenance
The smaller size of one-bedroom apartments makes them easier and less time-consuming to clean and maintain.
The one-bedroom apartment market doesn’t just appeal to first home buyers, but to downsizers who are looking to shift from a big family home into a low-maintenance apartment.
This is particularly appealing to busy professionals, older adults seeking to downsize, and anyone who prefers spending their time on activities other than home maintenance.
Finding affordability in the capitals
Despite the growing demand, affordable one-bedroom apartments can still be found across Australia’s capital cities.
Sydney: Look towards suburbs like Parramatta and Penrith, where development is booming, offering modern living at a fraction of the cost of inner-city living.
Melbourne: Consider areas such as Footscray and Coburg, which offer great connectivity to the city and a diverse range of lifestyle amenities.
Brisbane: Suburbs like Chermside and Carindale are becoming increasingly popular for those seeking affordability without sacrificing on the lifestyle benefits of city living.
Perth: Vicinity to the CBD in areas like Victoria Park and Maylands offers great value for money with a plethora of one-bedroom options.
Adelaide: Look into the revitalised areas of Bowden and Prospect, where affordable and stylish living options abound.
article by realestate.com.au