Bunbury has seen a huge boom over the last few years in terms of property sales. One of the most interesting aspects of this is the marked increase in homes being bought or rented by a single resident. Speaking to PerthNow last year, Bunbury mayor Gary Brennan stated that "one in three households in Bunbury is now a single person's and the demand for higher density is there". This represents an interesting development for the region, and reflects how things have changed in the last decade or so as the city has become a more important economic and commercial hub.
Let's take a look at why the number of single residents has increased, and how this might alter Bunbury's skyline.
Bunbury's status as a city of great opportunity is also reflected in its very low unemployment rate.
The single greatest reason for the rising number of residents who are living alone is the influx of young professionals. These residents are flocking to Bunbury, taking advantage of the wide commercial and economic growth being experienced throughout the region. This might be as their first step on the employment ladder, or the opportunity to change careers and progress to a higher level. Either way, it's clear that Western Australia and Bunbury in particular hold a great appeal.
At the 2011 census, the average age in Bunbury sat at 44, but it certainly wouldn't be surprising to see this go down when the results from this year are released. Bunbury's status as a city of great opportunity is also reflected in its very low unemployment rate – 3.8 per cent compared to national average of 5.8.
The lifestyle and type of property that young professionals without children typically look for is drastically different to that of families, or retirees. For these residents, the priority is about convenience and proximity to services like public transport, rather than large lawns, or a good selection of schools. This presents an interesting challenge for real estate in Bunbury. At the moment, there are not a huge amount of high-rise apartment buildings that cater to the specific, high-density needs of young professionals.
That's all set to change though, with several construction projects underway, and many more set to follow over the coming year. WA Property Council executive director Joe Lenzo outlines opportunities for eight to 14 storey buildings in the coming years, but also reinforces the importance of retaining Bunbury's unique character.
"We're not talking Gold Coast-style skyscrapers, but there's the demand and interest for more sensitively placed high-rise," he said to PerthNow.
Ultimately, it's still unclear what the future may hold for the city, but for more information, be sure to get in touch with the Ray White Bunbury team today.