Current at: 13 May 2008
Homes that beat the affordability crisis
Housing affordability seems to have been on everyone’s minds in the past few months, with the gloomiest forecasts suggesting it will be at least 15 years before wages and home prices get back into balance.
And with reports that some financial institutions are drawing up mortgages that require up to 50 per cent of a borrower’s personal income in repayments, it is no wonder that Generation Y is in no hurry to rush into home ownership.
Now some architects and builders are responding to a trend which may hold an answer – the ‘multi-generational’ home.
It’s not new. Until the last century it was quite normal for homes to contain several generations and to be passed down without ever being sold. The practice faded in the face of increasing mobility over the past half century, although in some countries, such as Italy, it never completely disappeared as sky-high prices kept property ownership from spreading through the community.
Now, the idea of several generations living under one roof is making a comeback – but with some modern refinements. As one HIA architect put it: “The need for personal, private space is still strong – you can’t just design a larger house and expect everyone to mix in and get along.”
The result is an extension of the granny flat, a home comprising several self-contained ‘flatlets’ and communal areas that can be accessed when needed. “People need to be able to live their own lives,” the architect said. “That’s especially important in the family context because when there’s no dramatic break, like leaving home, parents often have difficulty in accepting their children are now independent adults.
“A 27-year-old is not going to be happy being questioned about why they came home late last night.”
Multi-generational homes are still in their infancy in Australia, unlike Britain where one report estimates there are as many as 50,000 with entire estates given over to the concept. Should the idea catch on here it may be one way for home-owning parents to soften the blow for children facing a financial shut out from ownership.
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