Millennials and Gen Z are turning to a new mode of abode to achieve their home ownership dreams as relocatable properties suddenly become sexy.
Australia’s largest manufacturer of movable homes and granny flats is reporting a rise in the number of 20 and 30-somethings wanting instant homes they can move into immediately — without the stress and expense of an established property.
VanHomes CEO Vito Russo said traditionally retirees had been the largest buyer market for relocatable homes, but that was changing because they were now “affordable, stylish, and virtually instant”.
Mr Russo said Millennials and Generation Z buyers wanted “instant homes” that they could move into immediately and customise themselves.
What many people do not realise is that relocatable and expandable homes have evolved significantly over the last few years and they are now very stylish and comfortable,
- Vito Russo, VanHomes CEO
Mr Russo said the homes ranged from studios through to three-bedroom properties, with prices anywhere from $65,000 to $136,000.
Jak Lok of Bellevue Design & Construct has been building homes for the past 15 years, but recently started making modular homes to meet a growing demand for more affordable and immediate housing solutions.
“Before Covid, $500,000 still got you a house and land package,” Mr Lok said. “Now, that’s impossible.
“We know how hard it is to get into the market for first homebuyers, so we decided to take this direction.”
Mr Lok said young people were more educated when it came to home styling and interiors, so he knew he had to make his product high-quality and appealing.
“We’re using the latest materials and colours, and we’re changing the traditional donga design to be more modern for a younger generation,” he said.
“A lot of our buyers buying it for their kids because they know it will be impossible for them to buy later on.”
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Michelle Reed recently bought two modular homes from Mr Lok — one for herself and one for her 20-year-old daughter, Matisse.
“My partner and I have a house down the coast, but we still needed a base in Brisbane,” Ms Reed said.
“We just sold our house in Victoria Point and it seemed stupid to go and get another house, so I paid out the mortgage and had the cash to build these two. They build them offsite and crane them in.”
There was enough room on Ms Reed’s mother’s property to put both homes.
Ms Reed said she and her daughter got to work with an interior designer to choose their colours and finishes, including floor to ceiling tiles in the bathroom and stone benchtops in the kitchen.
“People can’t believe it,” she said. “They come to visit and think it’s going to look like a shipping container.”
This article originally appeared on realestate.com