CrowdProperty Australia has heralded the co-living market as a “major source of opportunity for investors”.
The Australian arm of the UK peer-to-peer lending business said that the sector is “on the verge of major growth” in the Antipodean country, particularly in inner-city suburbs.
It cited a recent report from estate agency Savills which predicts that the global trend of sophisticated communal lifestyle spaces will soon become highly popular in the downtown areas of Sydney and Melbourne.
The Savills analysis found that 1.46 million 25- to 34-year-olds in Australia rent, while a quarter of a million of them live on their own, and more than 18 per cent earn more than the national average income.
“This provides a sizeable market for high-quality co-living arrangements,” CrowdProperty Australia said.
According to the Savills analysis, the key ‘hotspots’ for co-living spaces include Redfern, Chippendale, Potts Point, Surry Hills and Newtown, in Sydney, as well as Richmond, St Kilda, Brunswick, Hawthorn and Carlton in Melbourne.
“Given the co-living market is on the verge of major growth in Australia, it will also be a major source of opportunity for investors,” CrowdProperty Australia said.
“Investors can tap into these opportunities via specialised marketplace lenders such as CrowdProperty that possess strong development expertise when it comes to providing investors with the opportunity to invest in residential development projects.”
In February this year, it appointed former PwC and Deloitte executive Diana Shoolma as director of strategic partnerships. She is responsible for helping the platform grow its wholesale, sophisticated and institutional investor base.