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As buyers increasingly seek properties that fit multiple generations under one roof, agents should adapt their marketing strategies and advice to sellers considering renovations.
Intergenerational living has become increasingly popular as buyers seek homes that support their families in the long term, enabling multiple generations to live under one roof.
According to Buxton Bentleigh director and auctioneer, Simon Pintado, his area, 13 kilometres south-east of Melbourne's CBD in Victoria, has seen an increase in multigenerational living driven by affordability, cost of living and lifestyle.
“Parents or grandparents in the home is not only a cure for affordability and cost of living, but by extension, can be great for liveability and for kids, especially,” Pintado said.
He said that buyers have been looking at homes with specific features, such as double garages, enough storage and layouts that allow independence alongside shared living and accessibility for older generations.
“Multiple living zones are really important, both upstairs and downstairs, but having multiple master bedrooms on different levels is also a must,” Pintado said.
According to the director, the trend had been spreading across a number of Australian suburbs, particularly in areas with rich multiculturalism.
He said that before moving their families and buying their forever homes, parents look at schools and amenities to ensure they have everything at their fingertips.
“Bentley is underpinned by a number of really good schools – most importantly, McKinnon Secondary College zone, which often attracts a lot of multicultural people, Chinese, Indian.”
“Those sorts of cultures certainly want to have parents living with them.”
Given the diversity of interested buyers, Pintado said agents should use different platforms to advertise the houses and ensure they reach their intended audience.
“Certainly more video than just photos and advertising copy to be able to explain the benefits to people.”
Additionally, he said agents should leverage the property’s location, livability and features to sell the appeal to prospective buyers.
“Tell the story about the home, or the vendors, buying a home is an emotional process as well as a financial one.”
Pintado also said that agents should advise clients wanting to renovate or extend their property on how the property can support intergenerational living.
“If it’s a family who’s likely to want extended family under the one roof, ensure there’s enough living and sleeping space for all,” he concluded.
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