Good news! In a couple of weeks, co-living properties are set to release in Australia. Sydney and Melbourne property investors are at the forefront of this movement, and as such more of these spaces will be sprouting on the east coast.
As stated by one Sydney property valuer, “Co-living spaces have the potential of providing affordable homes, that promote community living and could boost the quality of life for those with little time or opportunity for social interaction”.
What are co-living spaces?
A property that has been made into a co-living space, is a residential property where kitchens, areas for living, dining, and entertaining are shared amongst the residents. Bedrooms and bathrooms remain separate and private to each tenant.
Properties that are geared towards co-living may be owned and created by landlords or as a joint venture with tenants of long-term lease agreements. The vast majority of these properties will be made by investors and will be made available on a weekly or monthly basis.
Who would be interested in co-living?
People that are most attracted to co-habitation are creative thinkers as they are more likely to be working from home or have flexible working arrangements. Those in the creative fields thrive when they have a sense of community as support and motivation from others can contribute to personal and professional growth.
As this is a more affordable living solution, stress may be reduced, which also allows for more room for creativity and productivity.
Co-living around the world
In many cultures, especially back in ancient times, people lived in tribes or close-knit communities but this type of living all but disappeared in the western world with industrial development. Now that work is yet again evolving from the traditional 9-5 to more flexible hours, lifestyles are changing along with it. There is larger advocacy for the importance of work/life balance, and co-living can contribute to a more balanced lifestyle.
The culture of co-living spaces has been growing in Europe, Africa, Asia, and North America. Businesses that have launched these spaces in other counties have found a great deal of success. So now is our turn to explore co-living and experience its benefits.
Would co-living spaces take off in Australia?
Aussies are definitely a different breed compared to our friends overseas. However, despite our differences, we are still very much human with the same needs for happy and healthy living. The current traditional lifestyle does make some compromises to work/life balance, which many young adults are working to improve or fix. It is likely that these same individuals that crave community living, more social interaction and living life without prioritising work would gravitate to this sort of co-habitation arrangement.
Ultimately, time will tell whether this will be successful in Sydney. There have been many endeavours that aim to change our way of living and not all have succeeded. Co-living spaces do seem promising and there are already similar living arrangements that have been successful so far in Australia. For now, we can observe how these spaces perform in Sydney and Melbourne, and whether more landlords will offer co-living spaces as a renting option for Aussie tenants.