Changing trends in lifestyles may provide a good opportunity for property investment in Melbourne.
Units, for example, might be worth a closer look from investors, as prices have proven to be resilient in the current market and this type of property also tends to attract young professionals.
A recent Real Estate of Victoria (REIV) analysis of Australian Bureau of Statistics for the 2011 census highlighted how the number of solo residents has grown in the state capital.
A high number of lone residents have settled in the inner-southern bayside suburbs and Carlton, REIV policy and public affairs manager Robert Larocca said.
"New developments clearly respond to this demographic trend by building residences more suited to single people," he added.
As reported by Caroline Munro of Property Australia, FKP Property Group executive director Mark Jewell said the younger generation are more interested in living close to the cities.
Inner city development started to change with the popularity of shows such as Friends - showing young people in their 20s living in apartments in the centre of New York - and the trend of embracing city life seems to have continued, Mr Jewell said.
An advantage of units for some younger people is that they are more likely to be located within close proximity to public transport, cafes and restaurants. This could make this type of accommodation a more lucrative investment for financiers, as they have high tenant appeal.
