Millennials share move to cutting-edge skyscraper in Perth CBD
“This lifestyle is very popular among my generation, everything is provided, furniture, appliances, you just have to move in and everything is there.”
Film student Aiden Lombard, 21, moved into The Switch on day one and signed a one-year lease.
Mr. Lombard said it was the perfect place to study and run his production company.
“My company’s meeting spaces and office cemented my decision to move across from the shared student accommodation I was living in,” he said.
“Living among professionals and students, achievers and achievers creates an environment where people can learn from each other and everyone is in the same lifestream.”
Lombard said demand was strong for the co-living concept.
“I wouldn’t say young people have completely given up on having a block and a house – that’s definitely something that will come later,” he said.
“And it’s a chance to move in with people I don’t know who could become lifelong friends and relationships.”
The development hit the market amid strong demand for local rentals, with a Perth vacancy rate of 1.1% and a median rent of $460 for a unit in Perth.
With prices starting at $265 per week, founding partner Craig Oliver said there has been huge interest in The Switch since it opened on March 14.
Mr. Oliver believes that development is a new, redefined way of life for a younger generation, where you can tap into the community when you want, while indulging in privacy when you need it.
“More than 250,000 25-34 year olds live alone in Australia, a fifth of them earn above the average national income, and 1.46 million rent and will do so for most of their lives, but they want housing options that better suit their lifestyle and needs,” he said.
“The Switch fills a gap in the colocation market.
“It’s a radically inclusive, ambitious and sophisticated life for future thinkers who want a positive change in their lives and a shift to contemporary, holistic and unusual living.”
Mr Oliver said the rise of remote working around the world is expected to increase demand for the co-living trend.
“Lifestyle living is becoming a hugely popular and fast-growing accommodation option for young people in Europe and the UK, and it’s a trend that is set to continue in a big way in Australia,” he said.
So who does the dishes and cleans the bathroom?
“We have a quality team of staff who are on site 24/7 to support the resident experience,” Mr Oliver said.
“We take care of the cleaning of all common areas and residents can choose to clean their room themselves or have them cleaned by our team.
It’s the first in a series of planned The Switch locations across Australia, with Adelaide and Sydney later this year and Melbourne in 2023.
The Switch estimates it will house over 3,400 tenants in Perth, Adelaide, Sydney and Melbourne, with the number reaching 12,000 in Australia and New Zealand by 2030.
On a smaller scale, The Tide opened its community accommodation in Scarborough in late 2018.
Celsius Property Group chief executive Richard Pappas said the former Sunmoon Resort had been bought by Singaporean fund Meadpoint to turn the building into a 45-bed pilot project to study the likely success of co-housing developments in Australia.
‘All of the hotel’s rooms have been refurbished with a variety of accommodation options ranging from single en-suite rooms to two-bedroom apartments,’ he said.
“The restaurant has been converted into a communal kitchen and dining room, the gym into a TV room and the conference rooms into a coworking space.
“Obviously the pool and outdoor area is also a huge plus.”
Mr. Pappas said that many cohousing projects abroad are already catering to a new demographic.
“While the concept overseas is largely millennial-based, at The Tide Celsius was very keen to appeal to a wide range of demographics as we felt this would create a more harmonious resort,” he said. -he declares.
“It has certainly proven to be ok with residents ranging from millennials to retirees, FIFO workers, people renovating their homes, people separating or people moving to Perth.”
It’s a seismic diversion from Australia’s long-held dream of buying a quarter-acre block, but property analyst Gavin Hegney said there has been a growth in multi-tenant properties where people rented a bedroom and shared living spaces.
“Rent-to-live is a new growing asset class in Australia and international businesses are focusing on Australia as a new destination for this type of living,” he said.
“At a price, it’s in demand and if it becomes a fad, demand will increase.”