What do the next 20 years have in store for NZ property?Problematic rentals, sprawling family homes, overpopulated cities, and inefficient public transport might be left behind.
“Everything is going to change,” warns Shamubeel Eaqub, an economist from Sense Partners and author of ‘Generation Rent’.
Gone will be the days of four- or five-bedroom houses with three bathrooms sprawled across acres of land. Instead, the future is looking compact.
“Demand will really shift over the next couple of decades… [the] mix is going to be very different in terms of what kind of houses [we live in].”
For many years the housing market catered to the “traditional” nuclear family, but in the future, that demographic will be a “declining share”, Eaqub said.
“A lot more cutting up of old homes into units, a lot more medium-rise, low-rise.”Nick Goodall, head of research from CoreLogic, agrees that townhouses, apartments and duplexes will rule the roost when it comes to the future of properties in New Zealand.
He believes we’ll begin knocking down single standalone houses to replace them with modern, compact townhouses.
We’re now in the “transition” phase, Eaqub says, and over the next 20 years we’ll see mass change around the country.