Some Aussies have had to rely on the Bank of Mum and Dad to secure their first home amid the cost of living crisis.
But a new trend, aptly called the Backyard of Mum and Dad, is seeing multi-generational families living together with caravans or mobile homes set up in the rear garden.
VanHomes, an Aussie manufacturer of relocatable expanding homes, say they have increased production due to demand. Their studios and one-bedroom properties range from $65,000 to $136,000.
Some Aussies are living in caravans in their parents' backyard amid the cost of living crisis. Photo: VanHomes
"As the cost of living escalates and housing affordability becomes a pressing concern, the Backyard of Mum and Dad is transforming into a practical housing solution," CEO Vito Russo says.
"With relocatable expanding homes, families can enjoy the comforts of home while maintaining their independence and saving money."
Domain's House Price Report for the June 2023 quarter reveals that combined capital house prices have risen almost four times faster than the previous quarter.
Sydney's median house price is the highest of the capitals at $1,538,017, and Darwin has the lowest median house price at $642,212.”
Selling agent Kevin Dearlove of Stone Real Estate Beecroft told The Sydney Morning Herald this month that multi-generational living is becoming more common..
"We're seeing more and more families pool their resources and live together as one family unit. Yes, that is definitely a trend," Dearlove said.
The Backyard of Mum and Dad has become an affordable housing solution for some. (VanHomes)
The data comes as Queensland's cheapest home, which is a caravan and annex, attracted a buyer's offer after listing for $19,500-plus. The guide is well under Brisbane's median house price of $823,272
Containing one bedroom and one bathroom, the caravan is located in a complex in the Gold Coast suburb of Carrara and has a communal pool that overlooks the Nerang River.
On the books of Andrew Parkes Coppock of Nerang Real Estate, the caravan is described as a "mobile home that can be transformed into your dream hideaway".
Listing photos reveal a lounge, dining and connecting kitchen, with a third living zone that could be made into a second bedroom.
This article was originally posted on domain.com.au.