Key Demand Drivers for our Mordialloc Self Storage Units
Demand for storage units at the Hippo Self Storage Mordialloc site has been strong this year. In fact, at an industry wide level, demand for self storage in Australia as a whole, has been robust. As a consequence, many new storage sites are under construction across the country (with more planned in the future).
What have been the drivers of this demand for self storage?
A key one, which we have touched on before, is population growth. This has been aided by steady migration into the country this year. A trend that is forecast to continue and contribute to that growth. Looking forward over the next decade, there are expected to be approximately an additional 350,000 new people residing in Australia each year. A logical extension of this is that, with more people, there is more demand for space to store their belongings. Hence, more self storage sites!
On the other hand, we have also observed demand for our shipping container self storage units from people moving interstate or overseas, whether that be short term or long term. For example, a family may be moving overseas for a year for work reasons. They may decide to move out of their house for the interim period and put all of their belongings into storage. Our 20ft containers are ideal for this, with the contents of a three bedroom house anecdotally able to fit into one unit. This is a convenient and cost effective solution for people in this situation.
Another driver for demand has been the rising cost of building. With it becoming increasingly expensive to build a new house or renovate, some people are deciding not to. Instead of building an extra room or double garage, for instance, they may choose to store some of their belongings at a self storage site instead, which is a lower cost option. At our Mordialloc self storage site, we have multiple unit sizes including 8ft, 10ft and 20ft shipping containers. This means that customers have choice when it comes to deciding the option that best meets their space requirements and budget.
Following on from this, urban densification (where people are living in smaller homes such as apartments or townhouses) is also contributing to increased demand for self storage. In this situation, storage units can be an ideal solution to store bulky and seasonal items such as sports equipment, tools, Christmas decorations and winter clothing. The benefit being that people have more free space in their homes. And then there are the factors of evolving lifestyle patterns and positive levels of discretionary spending, which have also contributed to increased demand for self storage this year.
These drivers are expected to continue in the year ahead. As always, at Hippo Self Storage, we are pleased to work with you to provide secure, convenient and low cost self storage at our site in the Melbourne bayside suburb of Mordialloc. CONTACT US today to discuss your storage requirements.