Sydney may hold the dubious honour of being the world’s second most expensive housing market, outpriced only by perennial leader Hong Kong, but its appetite for prestige property shows no sign of slowing. At the heart of it all sits Sydney Harbour, where waterfront apartments command eye-watering prices that show few signs of slowing.

According to Westpac’s August Prestige Market Overview, the city’s luxury sector continues to outperform expectations, with top-end values rising 6.2 per cent across 2024. Over the past decade, prices for Australia’s most exclusive apartments have surged more than 40 per cent, while available listings remain nearly 20 per cent below pre-pandemic levels, data from Cotality reveals.

Much of Sydney’s recent luxury boom has centred on Circular Quay and Barangaroo, two glittering precincts now home to some of the country’s most expensive real estate. Yet one of the city’s most iconic waterfronts has, until now, remained surprisingly underdeveloped: Darling Harbour.

Long known as a playground for tourists and locals, Darling Harbour has never truly offered the chance to live there, until now. Recognising the untapped potential of this prime harbourfront, development powerhouse Mirvac has taken the lead in reimagining the precinct. The company is at the centre of a wider $15 billion revitalisation that will elevate Darling Harbour’s prestige to rival its glamorous neighbours.

At the heart of the transformation is Harbourside Residences, a $2 billion glass tower rising from the redeveloped Harbourside Shopping Centre. The project brings together an international design collaboration between Norwegian architecture firm Snøhetta and Australian practice Hassell, with interiors by Bates Smart. The tower will house 260 residences, with the yet-to-be-released penthouse collection, six sub-penthouses and three full-floor penthouses, expected to rank among Australia’s most exclusive homes.

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Buyers have already responded in force. The project’s first apartment release late last year became the most successful launch in Mirvac’s 54-year history, recording more than $700 million in sales in just one weekend, with more than $800m total pre-sales to date. Prices ranged from $1.7 million to $25 million, with more than 40 per cent of purchasers being repeat Mirvac buyers, a testament to the developer’s reputation for quality and delivery.

Mirvac has now unveiled the tower’s most coveted homes: a collection of three- and four-bedroom residences positioned across the upper levels of the 48-storey building. From this vantage point on the western edge of Sydney Harbour, residents will enjoy a striking and rarely seen perspective of both the city skyline and the water.

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Inside, luxury extends far beyond the apartments themselves. Harbourside Residences will feature wellness amenities on par with a five-star resort, including a traditional sauna, steam room, ice bath, indoor lap pool, gymnasium, and yoga and pilates studio. Private leisure spaces cater to the growing desire for exclusive community living, with a residents’ lounge, private dining rooms with commercial and show kitchens, a cinema room, and even a golf simulator.

Outdoors, the experience is just as impressive. Landscaped garden terraces frame a lagoon-style pool that looks directly across the harbour, offering some of the most intimate city views anywhere in Sydney.

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Construction of Harbourside Residences is well underway. Mirvac, which designs, builds, and delivers its own projects, a model that reduces risk and ensures consistency, expects completion in late 2027. When finished, it will not only redefine Darling Harbour living but reshape Sydney’s skyline once again.

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Joel Robinson

Sydney’s next great waterfront: Darling Harbour steps into the spotlight

Boutique development and construction firm <a href="https://www.apartments.com.au/developers/hsn-property-group">HSN Property Group</a> is the latest to seek a new apartment development through the NSW Government's&nbsp;Housing Delivery Authority.

They've filed a State Significant Development Application for a nine-storey building across nine consolidated lots on <a href="https://www.apartments.com.au/new-apartments/2-16-spencer-street-rose-bay-nsw-2029">Rose Bay's Spencer Street</a>, just 400m from the centre of the affluent suburb.

“The site’s location and context make it well suited to support a more diverse and sustainable residential offering in the area,” the developer stated in community consultation materials.

The plans are for 54 apartments, 14 of which will be dedicated to affordable housing. There will be a mix of two- and three-bedroom apartments.

The proposal aims to contribute to housing diversity in the Woollahra Local Government Area while taking advantage of recent Low and Mid-Rise Housing Reforms introduced under the NSW Housing SEPP, according to the Scoping Report prepared by Urbis.

The architecture, led by <a href="https://www.apartments.com.au/architects/mhn-design-union">MHNDU</a>, reflects a "contemporary design approach sensitive to the character of Rose Bay." Communal amenities will include a wellness area with a pool and sauna, a gym, a wine lounge, and landscaped spaces with barbecue facilities.&nbsp;

“The proposed development will offer a suite of premium communal amenities designed to enhance resident wellbeing, foster social connection, and promote a healthy lifestyle,” the project team notes in its public materials.

Three levels of basement parking are planned, and EV charging facilities will be included, aligning with sustainability and transport objectives. A comprehensive traffic study is underway to assess and manage local impacts.

With 54 apartments, the proposal by HSN will be one of the largest developments in Rose Bay for decades. It tops the 50 apartments soon to launch by Orosi on <a href="https://www.apartments.com.au/new-apartments/the-avenue-rose-bay-1-the-avenue-nsw-2029">The Avenue</a>, near the Royal Sydney Golf Club.&nbsp;

First look: HSN plans Spencer St, Rose Bay apartment project

Lendlease’s Barangaroo South precinct is officially complete, marking the culmination of a 15-year urban regeneration project that has revitalised Sydney’s harbourfront.&nbsp;

In 2009, the NSW Government’s Barangaroo Delivery Authority appointed <a href="https://www.apartments.com.au/developers/lendlease-development">Lendlease</a> as developer to transform what was once an inaccessible container port on the western edge &nbsp;of Sydney’s CBD into one of the city’s most thriving mixed-use destinations. Today, Barangaroo South is home to more than 1,800 residents, 23,000 workers, 95 retailers and welcomes 33,000 visitors each day. The precinct stands as an international benchmark for large-scale urban regeneration.&nbsp;

International Towers Sydney, the three flagship commercial buildings at the centre of &nbsp;Barangaroo South, together with engineered timber buildings Daramu House and &nbsp;International House, attracted major corporate tenants from the outset, including Westpac, &nbsp;PwC and KPMG, who are still there today. These workplaces remain some of the most &nbsp;sought after in Sydney’s CBD with over 95 per cent occupancy– a testament to the appeal of world-class, modern infrastructure alongside the precinct’s dining and entertainment that &nbsp;are a drawcard for businesses.&nbsp;

One Sydney Harbour, the three luxury residential towers designed by world-renowned architect Renzo Piano, has achieved more than $4 billion in sales since its launch in 2019, while setting new Australia property price records. This includes the three-level penthouse that crowns Residences One which sold for more than $141 million in 2019 – the most expensive individual residential property ever sold in Australia. &nbsp;

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Barangaroo South is also Australia’s first mixed-use carbon-neutral development, an accolade achieved through energy-efficient and innovative infrastructure, including a district cooling plant with a harbour water heat rejection system, a recycled water &nbsp;treatment plant, onsite solar and an embedded electricity network.

The precinct has maintained its Climate Active Carbon Neutral certification since 2019, affirming its &nbsp;reputation as the gold standard in large scale, sustainable urban renewal. Additionally, its &nbsp;world leadership status has been validated by the Green Building Council of Australia’s &nbsp;6 Star Green Star Communities recertification (Pilot v.2).

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First Nations cultural values were embedded throughout the planning and delivery of the project. The precinct honours Barangaroo, a prominent First Nations woman, through its &nbsp;name. Public art, street names, and design elements across the precinct reflect and &nbsp;celebrate First Nations cultures and connections to Country.&nbsp;

The project's completion positions Barangaroo South as a legacy urban transformation delivered through long-term partnerships and world-leading urban regeneration and placemaking capabilities. &nbsp;

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Tony Lombardo, Group CEO Lendlease, said&nbsp;Barangaroo South represents one of the most significant urban regeneration projects in Australia.

"[It] demonstrates what can be achieved through an ambitious vision, innovative placemaking, long-term commitment and strong partnerships. The precinct has changed the face of Sydney's waterfront, established new benchmarks &nbsp;for sustainable development, and provided a model for urban regeneration that continues &nbsp;to inform our approach to creating places that deliver long-lasting value.”&nbsp;

Tom Mackellar, CEO Development Lendlease, said&nbsp;Barangaroo South has reconnected the city to its harbour in a way that seemed unimaginable 15 years ago and turned it into a thriving precinct where people can live, work and gather on the harbour’s edge.&nbsp;

“This precinct is the result of countless contributions, led by the NSW Government who set the ambition, supported by investment partners who believed in Lendlease’s vision, imagined by architects and designers, shaped by consultants and artists, and brought to &nbsp;life by our dedicated construction teams. &nbsp;

“What we’ve created here is more than buildings – it’s the best of placemaking, sustainability, arts and culture and quality design. Barangaroo South has become an integral part of Sydney that will serve our city and economy for generations.”

Staff Writer

Barangaroo South’s 15-year transformation of  Sydney’s waterfront officially complete

CBE Asia Pacific has lodged plans for a prominent corner site in Fitzroy North, with a proposal that integrates state-significant affordable housing alongside heritage adaptation and new retail.

The application covers a consolidated 2,024 sqm parcel at 201–215 Queens Parade and 6–12 Dummett Crescent. The site includes the heritage-listed Former Clifton Motor Hill Garage, fronting Queens Parade, and vacant land to the rear abutting Dummett Crescent.

According to planning documents prepared by proUrban, the proposal seeks approval for a 12-storey residential building comprising 98 apartments, including a component of affordable housing, over a ground floor retail podium integrated within the heritage structure. Approximately 780 sqm of retail space will occupy the ground floor, while residents will have access to over 850 sqm of communal amenity.

The built form presents as two connected volumes: a 12-storey tower addressing Dummett Crescent and a five-storey volume fronting Queens Parade, the latter consistent with a separate Heritage Victoria permit granted in 2023. The tower reaches a maximum height of 38.26 metres, with upper-level setbacks of 14 metres from the western boundary to reduce visual bulk. A 1.5-metre footpath widening is proposed to Dummett Crescent Lane.

Parking is provided across four basement levels, accessed via Dummett Crescent, with a total of 142 car spaces and 143 bicycle spaces.

The architectural response by <a href="https://www.apartments.com.au/architects/cht-architects">CHT Architects</a> is framed by a need to reconcile new density with a sensitive heritage overlay. The Former Clifton Motor Hill Garage, identified as a place of State heritage significance, will retain its key façades, with demolition and reconstruction limited to approved elements.

As noted in the Heritage Impact Assessment, the proposal remains consistent with the Heritage Victoria permit, which allows "partial demolition, reconstruction and new works, involving the construction of a five-storey multi-use development and three basement levels".

Affordable housing has been embedded into the proposal under Clause 53.23, with specific apartment allocations aimed at enhancing housing diversity within the Queens Parade Activity Centre.

"The proposal is generally consistent with the relevant policy objectives and the intent of the Yarra Planning Scheme," proUrban states in its planning assessment, citing its alignment with strategic documents including Plan Melbourne and Victoria’s Housing Statement.

CHT Architects' plans emphasise a tiered design that acknowledges the site's varied interfaces—from the elevated Heidelberg Road ramp reserve to the recently built Clifton Views aged care facility to the north-east.

CBE Asia Pacific has not been previously active in this precinct, but the project joins a wave of higher-density residential proposals along the Queens Parade corridor, spurred by Melbourne’s broader push to increase affordable housing in well-connected inner-urban areas.

The site benefits from direct access to the Queens Parade tram corridor and proximity to Clifton Hill Station (approximately 200 metres), as well as green open spaces including Mayors Park and Raines Reserve. Clifton Hill Primary School and the Queens Parade retail village lie within walking distance.

First look: CBE Asia Pacific plans 100-apartment Jenkin House on Queens Parade, Fitzroy North

ALT Pasta, one of Melbourne’s most beloved inner-city pasta bars, has been confirmed as one of the first tenancies for the highly anticipated <a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme Prahran</a> development, marking an exciting next chapter for the cult favourite as it prepares to expand into the heart of <a href="https://www.apartments.com.au/developments/prahran-vic-3181">Prahran</a>.

Fresh off being named National Best Italian Restaurant at the 2025 Restaurant &amp; Catering Hostplus Awards for Excellence, ALT continues to solidify its reputation as a quietly confident leader in Melbourne’s dining scene. Lauded for its reinterpretation of Italian pasta through a Korean and Japanese lens, the restaurant has grown into a staple since opening three years ago, and its new Prahran outpost will only deepen its local impact.

“From the very beginning, ALT has been about respect - for tradition, for ingredients, and for the process,” shares Mino Han, ALT’s founder, a Korean-Australian chef whose vision is shaped by cultural duality and craftsmanship.&nbsp;

“We’re not trying to reinvent the wheel, just make something beautifully familiar, feel quietly special,” added Han.

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Positioned at the entrance to Comme Prahran and directly opposite the iconic Prahran Market, the new venue will celebrate the interplay between casual comfort and elevated detail. Designed in collaboration with Rooftop Architecture, the same team behind ALT’s flagship city location, the space will mirror the neighbourhood’s laid-back energy while staying true to the brand’s understated refinement.

Diners can expect a frequently changing menu that takes advantage of the market’s daily produce, along with set menu offerings exclusive to this location. A distinctive chef’s table and open kitchen format are also in the works, allowing guests to experience ALT’s signature intimacy and transparency in a new light.

ALT Prahran won’t replace the original venue; rather, it complements it.

“Our city site is like our heritage bottle; it’ll age gracefully. Prahran is where we’ll play, explore new ingredients, and bring something special to the community,” Mino notes.

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For Comme Prahran, a boutique development by Leeka that blends heritage with multi-dimensional wellness, ALT Pasta’s arrival signals a meaningful addition to its vision of cultural connection, food-first living, and local engagement.

“Being part of Comme is more than just opening a second venue. It’s about contributing to a neighbourhood with character, history, and a strong sense of community. That’s something we deeply relate to,” says Mino.

Sustainability and cultural identity are deeply embedded in the ethos of ALT. From ingredient sourcing to interior design, the new location will reflect both environmental mindfulness and a spirit of inclusion, embodying the values of Melbourne’s diverse, forward-thinking culinary scene.

Comme Prahran is scheduled for completion in late 2027, with ALT Pasta expected to be among the first tenancies to open its doors shortly after.

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National best Italian restaurant ALT Pasta to open at Comme Prahran, bringing refined familiarity to Melbourne’s culinary heart

National BEST Italian restaurant ALT Pasta to open at Comme Prahran

Generational Living

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Older Australians desperately want to avoid the private rental market with 80% instead pursuing hopes of suitable ownership options, according to recent research.
But the housing supply is not meeting the needs of older Australians, the report from the Australian Housing and Urban Research Institute (AHURI) found. 
Older NSW home owners aspire to remain in home ownership, preferring to live in three-bedroom separate dwellings in Sydney's middle to outer suburbs. 
There is a smaller preference to reside in small regional towns or large regional cities.
Those aged 75 and over were more likely to have a preference for the inner suburbs.
Few aspired to live in the CBD. And only 2% wanted a one bedroom apartment.
While the number of bedrooms, building quality and dwelling type are important, safety and security and having somewhere that feels like home are more critical for older Australians.
The number of older Australians increased by almost three million between 2006 and 2016, while the Australian Bureau of Statistics estimates the number of older Australians will more than double from 5.8 million in 2012 to 14.1 million in 2062.
The survey results from AHURI follows recent accompanying research that shows mortgage debt obligations for older Australians is a growing concern, rising from $27,000 in the 1980s to $186,000 more recently.
Since 2006, the proportion of outright owners has fallen in the 55–64 year group, with falls still significant, but less dramatic, among those aged 65 or over.
Around 35% of 55–64-year-olds have a mortgage compared to 8% of those over 75.
Policy innovation is severely lacking in delivering the housing and housing assistance required to meet the aspirations of later-life Australians, AHURI has concluded.
"Current patterns of housing supply are not meeting the diverse needs of older Australians with too many apartments and large separate dwellings and not enough mid- sized product," the Older Australians and the housing aspirations gap report, lead by James Rowley, noted.
The Australian Housing Aspirations survey collected responses from 2400 responses from older Australians.
The report urges the better matching of new housing supply to aspirations to meet the demand for two and three-bedroom houses (including attached) located in high level amenity locations.
Social connections within the community, walkability, quality public transport, access to services and amenities and proximity to family and friends are important.
While large back gardens are less important to older Australians, some outdoor space was considered important.
"Dwellings need to be designed with older Australians in mind, which includes being easily adaptable when required," the report said. 
"Strategic planning needs to deliver outcomes that reflect the demand for smaller houses within established suburbs and move away from a mind-set that apartments are the only solution to delivering smaller dwellings.
"Regional locations also need a greater diversity of dwelling product.
"Small regional towns were a popular aspiration of older Australians, but there needs to be a range of products available in these locations to meet demand."
The report also noted delivering low cost, low deposit ownership products, through shared ownership or through a land rent type scheme, could deliver the safety, security and control characteristics of home ownership sought by older Australians.
Any Federal Government initiatives that seek to reduce financial penalty via taxation in later years to enable housing transitions, are generally supported by the research.
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jchancellor-FAypfDUnLy

Older Australians overwhelmingly prefer home ownership to renting

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Mortgage debt obligations for older Australians is a growing concern. 
The average mortgage debt of those aged 55 and older has grown by almost seven times since the late 1980s, according to research by the Australian Housing and Urban Research Institute (AHURI).
Their mortgage debt, after accounting for inflation, rose from $27,000 in 1987 to $186,000 to 2015.
Back in 1987, only 14% of Australians over 55 had a mortgage.
But it doubled to 28% by 2015, AHURI found.
There has been a severe increase in repayment risk, although low interest rates have mitigated the level of current concern.
The mortgagor older population is more prone to material deprivation than outright property owners.
Nearly 8% of older mortgagors have been unable to pay their utility bills on time between 2006 and 2016, compared to around 3% of outright owners.
The blow-out has been made worse by the practice of redrawing equity on their home loans and also extending the length of their home loans.
Between 1987 and 2015, the growth in mortgage debt outstripped both house price and income growth among older mortgagors.
With reduced incomes approaching and on retirement, the average mortgage debt-to-income ratio was 71% in 1987, and 211% by 2015.
The research by found mortgage indebtedness was uncommon among the 55–64 cohort as recently as the 1990s.
The report's lead author, Rachel ViforJ, professor of economics at Curtin University, says these days the mental health effects on the older Australians with mortgages are "comparable to those resulting from long-term health conditions".
The Curtin and RMIT research concluded when older mortgagors experience difficulty in meeting mortgage payments their wellbeing declines. It's more so for women than men. Single status, marital breakdown, ill health and poor labour market engagement all adversely affect women’s mental health more than men.
"There is already significant concern in policy circles about older people’s vulnerability to poverty, particularly single elderly women, who have longer life expectancies than men, but lower superannuation balances," the report noted.
Older retired mortgagors are increasingly drawing down their limited superannuation balances.
As their average superannuation balances tumbled from $471,000 to $271,000 between 2010 and 2014, average equity stakes in their property rose from $621,000 to $667,000. 
The ARUHI modelling predicts an "increasingly tenure polarised seniors population".
Outright ownership will remain an important but weaker pillar supporting living standards in old age.
Outright ownership status will be attained later in life and with lower incomes.
The projections suggest that 1.88 million older Australians could be in before-housing poverty in 2031.
This count falls by 730,000 to 1.15 million on an after-housing cost basis.
The report urges long-term planning for a mortgage debt repayment strategy.
It may prove especially worthwhile for those particularly "vulnerable to biographical disruption, or with weak labour market engagement, or those with higher levels of debt throughout their life course as financial innovations enabled home owners to draw down on the wealth stored in their family home without moving".
Downsizing is, of course, one obvious strategy.
But the report warns stamp duties, pension income and the asset means tests that penalise downsizers, along with a lack of suitable smaller dwellings in the neighbourhoods of older empty nesters and lone persons households, are important issues for state and federal governments.
Home ownership has often been dubbed the fourth pillar of the retirement incomes system.
However, this pillar may be crumbling due to rising mortgage indebtedness, the report concludes.
This article first appeared in The Daily Telegraph. 
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Mortgage debt for older Australians is a growing obligation

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EXPERT OBSERVER
Every other year, retired couple Jorg and Jan journey some 5,000 kilometres in their campervan from Port Fairy in southeastern Australia to Broome in the far northwest for a change of lifestyle and scenery. There they catch up with other couples from across the nation, who often converge on the beach for communal dinners. Jorg and Jan’s break lasts several weeks.
They are two of tens of thousands of retired adults travelling independently across the continent at any given time in search of adventure, warmer weather and camaraderie after a lifetime of hard work. These part-time nomadic adventurers, or grey nomads, have recast the image of Australia’s ageing population. Rather than being inert and conservative, or in need of care, these older Australians are champions of a radical type of urbanism: dwellings are mobile, infrastructure is portable or pluggable, social networks are sprawled, and adherents are on the move daily or weekly.
<a href="https://images.theconversation.com/files/243372/original/file-20181101-78450-2er13y.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/243372/original/file-20181101-78450-2er13y.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> </a>Nomads driving along Meelup Beach Road near Dunsborough. Image courtesy of Tourism Western Australia
<a href="https://en.wiktionary.org/wiki/grey_nomad" target="_blank">Grey nomad</a> is a term used to describe Australians over 55 years old who travel for an extended time – from weeks to months – and cover more than 300 kilometres in a day across semi-arid and coastal Australia. The term was popularised following the 1997 Australian documentary <a href="http://www.decembermedia.com.au/grey-nomads/" target="_blank">Grey Nomads</a>, which captured the phenomenon of older travellers who made their homes wherever they parked.
<h2>What is the scale of grey nomadism?</h2>
Travellers, including grey nomads, contribute to a “roaming economy”: decentralised dwelling results in decentralised spending. The Western Australian government estimated in its <a href="https://www.tourism.wa.gov.au/Publications%20Library/About%20Us/Caravan%20and%20Camping%20Snapshot%202016.pdf" target="_blank">Caravan and Camping Visitor Snapshot 2016 report</a> that 1.54 million domestic visitors spent time in caravans or camping, contributing more than A$1 billion to the state economy.
According to the Campervan &amp; Motorhome Club of Australia, <a href="https://members.cmca.net.au/content/govind" target="_blank">RV drivers spend an average of $770 per week</a>. And their value to a remote place extends beyond economic capital to human capital. Grey nomads often provide labour (such as gardening, house-sitting or their pre-retirement professional skills) in exchange for a place to park or for extra income.
<img src="https://images.theconversation.com/files/243368/original/file-20181101-78474-1toa99c.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">  Nomads relax at a caravan site in Esperance. Image courtesy of Tourism Western Australia
The availability of caravan parks, campsites and public parking reserves is essential to attract the grey nomad to regional towns. According to a 2012 report for Tourism WA, <a href="https://www.tourism.wa.gov.au/Publications%20Library/Industry%20Support%20and%20Opportunities/The_Brighthouse_report_June_2012_v2.pdf" target="_blank">A Strategic Approach to Caravan &amp; Camping Tourism in Western Australia</a>, the state had a total of 37,369 campsites at 769 locations. In addition, remote private properties are becoming available through apps such as <a href="https://www.wikicamps.com.au/" target="_blank">WikiCamps Australia</a>.
But while many nomads go off-grid, carrying their solar panels and generators, others are just looking for free reserves to park in. Beyond the site and its amenities – such as power, water, showers or flushing toilets – qualities such as “authenticity” are important to nomads, as <a href="https://ro.ecu.edu.au/cgi/viewcontent.cgi?referer=https://www.google.com/&amp;httpsredir=1&amp;article=1155&amp;context=theses_hons" target="_blank">highlighted by Mandy Pickering</a>. Sites should feel remote rather than urban.
<h2>Will future generations be as fortunate?</h2>
The rise of the grey nomad over the past half-century has been made possible through the ability of ageing Australians to fund this retirement lifestyle. They might sell their houses (some may simply benefit from having secure accommodation), withdraw their superannuation or receive government benefits. Nomadism is a reward after a lifetime entangled in an economic and social system that keeps the individual tied to a stable workplace and place to live.
<img src="https://images.theconversation.com/files/243370/original/file-20181101-78471-1mo3fk9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt=""> Aerial view of Osprey Campground near Ningaloo Reef. Image courtesy of Tourism Western Australia
For future generations, the outlook in terms of grey nomadism being a viable retirement lifestyle is not especially bright. <a href="https://theconversation.com/home-ownership-foundations-are-being-shaken-and-the-impacts-will-be-felt-far-and-wide-91664" target="_blank">Home ownership is sliding out of reach</a> for many younger people. And many are enmeshed in the gig economy, meaning they are not receiving employer superannuation contributions.
Future generations may be so much in debt or living in such straitened circumstances that they cannot retire to a life of leisurely travel.
While grey nomadism might not be a sustainable model in the future, the lifestyle demonstrates how future generations of nomads – not necessarily grey – can live cheaply while populating regional centres for weeks or months, bringing economic and human capital to these remote places. These nomads will be able to work on their laptops in the public libraries, cafes, share houses and co-working spaces of country towns, accessing work remotely through cloud-based telecommunications.
They might not come in campervans but be dropped off in driverless vehicles; vacant campsites might become sites for small cabins. Or, as these nomads will be looking for temporary accommodation, spare rooms or entire houses might be made available. To find these dwellings, they might use apps that bring great efficiency to managing housing occupancy, enabling the “sharing” (renting) of unoccupied space for days, weeks or months.
Are regional towns ready to embrace these “emerging nomads” who are attracted by affordable living costs, network coverage, fast internet speeds, great weather, temporary housing options and unique regional identities, as the grey nomads were before them?
Grey nomads are recognised as a group that requires distributed infrastructures. They demonstrate a capacity for domesticity and urbanity without boundaries. The grey nomads are the precursor to a new generation that might not only want to travel, but need to in an economic environment that is not static or stable. And that will mean they can no longer afford to stay in one place.
This article was co-authored by Amelia Borg, a director of Sibling Architecture and a Masters of Business student at the University of Melbourne.
The Conversation is co-publishing articles with <a href="http://www.alva.uwa.edu.au/community/futurewest" target="_blank">Future West (Australian Urbanism)</a>, produced by the University of Western Australia’s Faculty of Architecture, Landscape and Visual Arts. These articles look towards the future of urbanism, taking Perth and Western Australia as its reference point, with the latest series focusing on the regions. You can read other articles <a href="https://theconversation.com/au/topics/future-west-30248" target="_blank">here</a>.
<a href="https://theconversation.com/profiles/timothy-moore-292089" target="_blank">Timothy Moore</a>, PhD Candidate, Melbourne School of Design, <a href="http://theconversation.com/institutions/monash-university-1065" target="_blank">Monash University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/grey-nomad-lifestyle-provides-a-model-for-living-remotely-106074" target="_blank">original article</a>.
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jrobinson-rf4aSBido9

Grey nomad lifestyle provides a model for living remotely

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GUEST OBSERVATION
An increasing number of older Australians are living in share housing. A relatively new group to emerge on the share-housing scene, they are choosing to share for financial reasons, but finding unexpected social benefits.
Share housing has traditionally been associated with student housing and media depictions of the share house as dysfunctional, chaotic, “He Died with a Falafel in His Hand” scenarios. But a growing number of older people are sharing housing.
This trend is part of the growth in share housing across an increasingly broad demographic as professionals aged in their 30s, 40s and onwards continue to share house or return to share housing into later life. Generation Rent is fast becoming “Generation Share”.
The growing trend of share households is attributed to a combination of shifting social norms and a decline in affordable rental properties. This is particularly acute in our capital cities but is also evident in regional centres.
An emerging group of tenants – professionals, couples, young families and students – who cannot afford to buy or rent an entire property of their own are increasingly turning to shared occupancy as a way to afford housing. Home owners are also noted as a group for whom shared occupancy has benefits by generating extra income for mortgage repayments.
Tight budgets affect all ages
My research on share housing across all age groups shows it’s mainly driven by financial constraints. In older age, the experience of this is gendered. Although older men are sharing, women in particular are more vulnerable to significant financial constraints in old age.
Women are the fastest-growing group at risk of homelessness in Australia. Many have limited superannuation to draw upon due to time out of the workforce to raise children or manage the home. This means the ramifications of the gender wage gap are particularly visible in older life – to quote one participant, “a man is not a superannuation”.
A common scenario is people falling out of home ownership after divorce or a relationship breakdown. Without the family home and with limited material assets, share housing is one of a diminishing set of options for living affordably and securely.
Share housing has its challenges
Moving into share housing in later life can be an adjustment. Many older people are in share housing for the first time in their life, having previously owned their own home.
There are obvious social challenges inherent in this situation. These include learning to negotiate domestic spaces in new ways. And certainly many are vulnerable to being exploited by unscrupulous flatmates, head tenants, or landlords.
Similar to share-housing experiences among younger groups, older participants mentioned occasional household conflicts and were aware of the need for personal space.
But there are also social benefits
However, some also reflect positively on the social value of share housing. This has been an unexpected benefit for many of them. At an age when isolation and loneliness increase, this is particularly important.
Older residents value the social aspects and the new friendships that sometimes develop in share houses. Flow-on effects of this include an increase in their sense of safety and security, knowing that they are not alone should anything untoward happen.
Long-term policy challenges loom
Although share housing in older age has social benefits, its rise should prompt us to reflect critically on Australia’s housing market as well as rethinking retirement policy. Share housing is directly correlated to declining housing affordability.
These trends highlight systematic disinvestment in public and social housing for the past 30 years as well as a market that has encouraged housing as a site of investment. The result is a system that has produced housing as a site of profit rather than housing as a site of home.
For older people, the situation is particularly complex. Australia’s retirement policies promote home ownership as the pathway to a financially secure old age. That leaves the growing number of older Australians who don’t own their own home to experience increased financial stress.
The Australian Dream of the owner-occupied home is quickly becoming that – a dream rather than reality for many Australians. The cracks are starting to show. As people fall out of home ownership and the younger generations doubt they’ll ever own a home – they’re not called Generation Rent for nothing – Generation Share will present significant challenges for policy.
Sophia Maalsen, I.B. Fell Postdoctoral Researcher, School of Architecture, Design and Planning, University of Sydney
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/generation-share-why-more-older-australians-are-living-in-share-houses-107183" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Why more older Australians are living in share houses: Sophia Maalsen

<html><body>
Fifty five percent of first home buyers worry they’ll never own a home and for many the prospect is taking an emotional toll.
The findings come from a new study of 1,000 wannabe home owners by industry super fund-owned bank ME, in conjunction with clinical psychologist, Elizabeth Neal.
According to the study, as a result of not owning a home:
<ul>
<li>46 percent feel inadequate</li>
<li>43 percent self-blame, feeling they’ve made bad decisions financially or with money management</li>
<li>43 percent can’t imagine feeling fulfilled without owning a home</li>
<li>39% feel they have nothing to look forward to</li>
<li>38 percent feel envious or jealous when others reach the property ladder before them, rising to 50 percent of Gen Ys</li>
</ul>
Study co-author, Elizabeth Neal said negative emotions stemming from non-home ownership are understandable.
“Property is such a hot topic in Australia with constant reminders everywhere you turn, so it's unsurprising many feel somewhat cynical and experience low self-worth as a result.
“Worries about non-home ownership can easily turn into feelings of inadequacy or humiliation when we’re reminded every day – whether it’s through the media, friends and family, or via social media.
"I’m not surprised half of Gen Y’s who don’t own a home feel the most envious or jealous when others get on the property ladder before them – Instagram and Facebook feeds are likely to be dotted with photos of acquaintances smiling proudly outside their first home.
“But before you question your own life-decisions, remember every person’s situation is different,” said Ms Neal.
ME Head of Home Loans, Patrick Nolan, said “despite affordability pressures the ‘Great Australian Dream’ remains embedded in many Australians’ mindsets.
“The unfortunate reality is house prices have more than doubled in the past 15 years through several supply and demand factors.
“For those still striving to get their foot on the ladder, it’s important to stay positive and to consider alternative strategies, like buying an investment property, a unit instead of a house, joining forces with friends or family, or looking to neighbouring suburbs where properties may be cheaper.
ME’s research found Gen X was the hardest hit when it comes to the emotional toll of not owning a home.
Sixty eight per cent of Gen X respondents felt worried they won’t be able to get into the property market; 58% said they feel inadequate; 53% blame themselves and feel they’ve made bad decisions financially or with money management; and 35% said they felt humiliated; all significantly higher proportions than other generations.
Neal said the reason Gen X is hardest hit is related to their life stage.
“The need for security is fundamental to the human condition and our sense of belonging.
It goes back to Maslow's hierarchy of needs – physical safety is the base need, followed by our social and emotional needs.
“Gen Xers are at the ‘settling down’ stage of their lives and security has become a higher priority.
This generation grew up with the assumption that buying property is integral to becoming an adult.”
Some respondents saw positives in non-home ownership.
According to the study, as a result of not owning a home:
<ul>
<li>42 percent said they feel like they have the freedom to explore other opportunities and grow in other areas</li>
<li>34 percent feel liberated; like they have greater freedom</li>
<li>33 percent said it enables them to lead a better lifestyle</li>
</ul>
Nolan said not owning a home certainly doesn’t mean you’ve run out of options to build wealth.
“Housing is unaffordable in many parts of the world but people continue to find other ways to invest their savings to build wealth for the future, like contributing more to superannuation or using the monthly savings they might have paid to a mortgage for another type of investment.
“Australians have become fixated by property as a means of building wealth and it’s worth talking to a financial expert to understand and explore your options.
For many people not owning a home just opens another door.”
Reported negative impacts of not owning a home
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="286">
 
</td>
<td valign="top" width="36">
Total
</td>
<td valign="top" width="52">
Gen Y
</td>
<td valign="top" width="52">
Gen X
</td>
</tr>
<tr>
<td valign="top" width="286">
I have felt worried that I won’t be able to get into the property market
</td>
<td valign="top" width="36">
55%
</td>
<td valign="top" width="52">
63%
</td>
<td valign="top" width="52">
68%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has made me feel inadequate
</td>
<td valign="top" width="36">
46%
</td>
<td valign="top" width="52">
53%
</td>
<td valign="top" width="52">
58%
</td>
</tr>
<tr>
<td valign="top" width="286">
Means I’ve felt I’ve made bad decisions financially or with money management
</td>
<td valign="top" width="36">
43%
</td>
<td valign="top" width="52">
44%
</td>
<td valign="top" width="52">
53%
</td>
</tr>
<tr>
<td valign="top" width="286">
I can’t imagine feeling fulfilled in the future without owning a home
</td>
<td valign="top" width="36">
43%
</td>
<td valign="top" width="52">
58%
</td>
<td valign="top" width="52">
48%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has made me feel like I have nothing to look forward to
</td>
<td valign="top" width="36">
39%
</td>
<td valign="top" width="52">
42%
</td>
<td valign="top" width="52">
49%
</td>
</tr>
<tr>
<td valign="top" width="286">
I’ve felt envy or jealousy when others get on to the property ladder before me
</td>
<td valign="top" width="36">
38%
</td>
<td valign="top" width="52">
50%
</td>
<td valign="top" width="52">
46%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has negatively affected my ability to build wealth
</td>
<td valign="top" width="36">
32%
</td>
<td valign="top" width="52">
29%
</td>
<td valign="top" width="52">
41%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has felt humiliating
</td>
<td valign="top" width="36">
29%
</td>
<td valign="top" width="52">
33%
</td>
<td valign="top" width="52">
35%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has negatively affected my retirement plans
</td>
<td valign="top" width="36">
27%
</td>
<td valign="top" width="52">
23%
</td>
<td valign="top" width="52">
30%
</td>
</tr>
<tr>
<td valign="top" width="286">
I’ve experienced conflict with others on the topic of housing unaffordability
</td>
<td valign="top" width="36">
25%
</td>
<td valign="top" width="52">
31%
</td>
<td valign="top" width="52">
30%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has negatively affected my personal relationships
</td>
<td valign="top" width="36">
16%
</td>
<td valign="top" width="52">
17%
</td>
<td valign="top" width="52">
18%
</td>
</tr>
<tr>
<td valign="top" width="286">
Has negatively affected my family planning (i.e. having children)
</td>
<td valign="top" width="36">
14%
</td>
<td valign="top" width="52">
24%
</td>
<td valign="top" width="52">
14%
</td>
</tr>
</tbody></table>
Reported positive impacts of not owning a home
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="277">
 
</td>
<td valign="top" width="46">
Total
</td>
<td valign="top" width="52">
Gen Y
</td>
<td valign="top" width="52">
Gen X
</td>
</tr>
<tr>
<td valign="top" width="277">
Makes me feel like I have the freedom to explore other opportunities and grow in other areas
</td>
<td valign="top" width="46">
42%
</td>
<td valign="top" width="52">
45%
</td>
<td valign="top" width="52">
45%
</td>
</tr>
<tr>
<td valign="top" width="277">
Has made me feel liberated, like I have greater freedom
</td>
<td valign="top" width="46">
34%
</td>
<td valign="top" width="52">
28%
</td>
<td valign="top" width="52">
36%
</td>
</tr>
<tr>
<td valign="top" width="277">
Enables me to lead a better lifestyle
</td>
<td valign="top" width="46">
33%
</td>
<td valign="top" width="52">
27%
</td>
<td valign="top" width="52">
39%
</td>
</tr>
</tbody></table>
</body></html>

Gen X holds the highest emotional toll of not owning a home

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<img src="https://counter.theconversation.edu.au/content/68931/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
We’ve all seen it in the movies: overgrown “kidults” living at home while their parents pick up their dirty laundry, cook their meals and vacuum around their unmade bed. 
This narrow portrayal of what modern-day multigenerational households look like is also found in newspapers worldwide. Names like “mummy’s boys”, “gen why bother moving out”, “kippers” and “gestaters” are used to describe this supposedly dependent generation who won’t leave the comfort of the family home.
Since we began our research four years ago, however, we have found that different generations of the same family live together in one household for a whole range of reasons. This results in a great diversity of outcomes. 
These stories of different drivers and outcomes, along with findings from several related Australian studies, are retold in our new book, Multigenerational Family Living. 
In the book, we debunk a series of myths about multigenerational households. With around one in five Australians living in multigenerational households since at least the mid-1980s, it’s about time we moved beyond the stereotypes.
<h2>Myth #1: Kids won’t become ‘independent’</h2>
If one only paid attention to media reports, it’d be easy to think that multigenerational households in modern-day Australia come about solely because young adults won’t fly the nest. While there is some truth in this, there are other reasons, and combinations of reasons, that lead multiple generations of adult family members to live together. 
Among the 392 respondents to our survey, “adult children yet to leave home” was only the third-most-common driver. Finance was the most common.
Finance, however, can encompass many things.
<a href="/images/2016/11/29/image-20161121-4544-4ut9vm.PNG" target="_blank">Click to enlarge</a>
<img src="/images/2016/11/29/image-20161121-4544-4ut9vm.PNG" alt="">
Survey results, Author provided 
Financial constraints can come about for a wide range of structural reasons. These include an increase in attainment of tertiary (and even postgraduate) qualifications, workforce casualisation and the unaffordability of housing, whether buying or renting. 
These constraints often encourage the younger generation to delay leaving the parental home. However, we also found examples of adult children paying their parents’ mortgages and buying homes together to manage housing costs within the family.
Changes in government policies and priorities can also have impacts on people’s decisions about their living arrangement. The withdrawal of government support – such as changes in the Australian child, aged and disability care sectors – increases the pressures on family members to take care of each other. 
There have been reports of grandparents moving across town to be closer (or to live with) their grandchildren so they can provide child care during the day. 
Likewise, some of our participants said they invited their elderly parents to live with them so they could take care of them because professional aged care facilities were unaffordable or undesirable. “Care arrangement support” was the second-most-common driver for multigenerational living.
<h2>Myth #2: It’s something migrants do</h2>
There is a lot of literature about how common multigenerational living is elsewhere, whether in Asia, the Middle East, or Southern Europe. 
While more than one in three (34.9%) Australian residents born in North Africa and the Middle East lived in multigenerational households in 2011, only one in six (15.7%) born in Northwest Europe (e.g. the UK) did so.
<a href="/images/2016/11/29/image-20161121-4544-1nlzr3p.png" target="_blank">Click to enlarge</a>
<h2><img src="/images/2016/11/29/image-20161121-4544-1nlzr3p.png" alt=""></h2>
Custom 2011 Census data. Image: Alec Gelota, Author provided 
Certainly, there is a cultural element to living arrangement decisions. Yet our analysis shows that three-quarters of people who lived in multigenerational households in Australia in 2011 were born here or elsewhere in Oceania.
<h2>Myth #3: Live-at-home kidults take advantage of parents</h2>
One of the bigger gripes about multigenerational living is that not everyone pitches in. 
Lyn Craig and Abigail Powell found that while adult children do pitch in and help out with chores, these efforts don’t really help their parents all that much, particularly their mothers. 
The reasons are a mix of adult children doing chores for themselves (such as doing their own laundry or cooking their own meals), instead of communal sharing, and of culturally imbued ideas about who should be responsible for groceries, cooking and gardening.
<a href="/images/2016/11/29/image-20161121-4528-2tl4jn.PNG" target="_blank">Click to enlarge</a>
<h2><img src="/images/2016/11/29/image-20161121-4528-2tl4jn.PNG" alt=""></h2>
Survey results, Author provided
Complaints about chores, however, pale in comparison to those about lack of privacy in the family home. This is the result of a combination of family members not respecting personal boundaries but also of many contemporary housing designs (open-plan living, for instance) that are not suitable for multigenerational needs. 
As Bruce Judd discusses in his chapter, some older housing models, including the resurgence of granny flats, may offer better outcomes to people who want to live together in multigenerational homes.
<h2>What does it all mean?</h2>
Despite the media and some academic spheres giving this household form more attention, there is still relatively little known about it, and particularly the experiences of those who choose to live in them. As this journalist realised, there are pros and cons to multigenerational living, just as there are pros and cons to living alone. 
International policy recommendations are advocating for more diverse housing products to house our ever-changing household forms. This includes encouraging people “to share our homes more with other generations and encourage greater intergenerational living”. 
To devise the most practical policies do this effectively, we must have a greater understanding of the outcomes for different members within the household.
Edgar Liu is research Fellow at City Futures Research Centre, UNSW Australia and can be contacted <a href="https://theconversation.com/profiles/edgar-liu-32200" target="_blank">here</a>.
Hazel Easthope is senior research fellow, City Futures Research Centre, UNSW Australia and can be contacted <a href="https://theconversation.com/profiles/hazel-easthope-175163" target="_blank">here</a>.
Both are authors for The Conversation.
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