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  • 11 months ago
Residents in parts of New South Wales are getting creative in their pursuit of home ownership. In the state's most expensive regional housing market friends are banding together to buy properties they wouldn't be able to afford on their own. And experts predict the trend will only grow over the next two decades.

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00:00It's morning tea time at this home in Wollongong and there's no shortage of hands to help out.
00:08I live here with my partner and my child and two of my best friends and their two children.
00:14This isn't your typical share house.
00:17Faced with skyrocketing house prices in the Illawarra,
00:20these two separate families decided to purchase the property together in 2021.
00:26Now they all live between the main house and a granny flat out the back.
00:32Chores are shared, the shopping goes on a list and babysitting is almost guaranteed.
00:38A setup that suits both their outlook and their budget.
00:42It ultimately just meant that it was actually possible because if we'd, you know,
00:47we'd be living in a tiny apartment or, you know,
00:49probably we wouldn't have been able to purchase a house at all if we were just on our own.
00:53I hope that this kind of model will, gives people inspiration to try something different.
00:59A few suburbs over, five couples have purchased this seven bedroom home for a different stage of life, retirement.
01:07Our plan is that all ten of us will live here.
01:10That's what we're working towards. We're calling it a crazy experiment.
01:14The kitchen can get crowded but the shared meals and conversation are helping them navigate a time that can be prone to isolation and loneliness.
01:24The reason we're doing this is because it's financially helpful for all of us to share our funds,
01:30to move away together rather than to be apart and socially to stay really connected.
01:40The Bureau of Statistics predicts the share of Australians living in non-related group households will rise to almost 5% of all households by 2046.
01:50But collective housing models make up less than 1% right now and still face significant barriers.
01:58The legislation in many of the states don't cater for the collectivising of groups of people getting together for housing.
02:07And the other is the financial models to be able to support groups of people to do resident-led developments is lacking.
02:15I really think what we need is a variety of options for people and I think that this sort of great Australian dream of having a house with two and a half kids on a quarter acre block,
02:25it just can't work for everyone. We don't have enough space, there's not enough resources, there's not enough housing.
02:30Baby steps in a next generation experiment.
02:34Baby steps in a new place.
02:36Baby steps in a new place.
02:37Baby steps in a new place.
02:38Baby steps in a new place.
02:39Baby steps in a new place.
02:40Baby steps in a new place.
02:41Baby steps in a new place.
02:42Baby steps in a new place.
02:43Baby steps in a new place.
02:44Baby steps in a new place.
02:45Baby steps in a new place.
02:46Baby steps in a new place.
02:47Baby steps in a new place.
02:48Baby steps in a new place.
02:49Baby steps in a new place.
02:50Baby steps in a new place.
02:51Baby steps in a new place.
02:52Baby steps in a new place.
02:53Baby steps in a new place.
02:54Baby steps in a new place.
02:55Baby steps in a new place.
02:56Baby steps in a new place.
02:57Baby steps in a new place.
02:58Baby steps in a new place.
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