If you ask most Free Sale Appraisal and property managers in Perth which generation is driving the real estate market, their probable answer would either be “Baby Boomers” or possibly “Generation X, depending on what kind of properties they specialise in.
The Baby Boomers dominated real estate for a long time, until Generation X babies grew up and became home-buying adults. Even then, by the sheer force of numbers, Baby Boomers still made up the largest share of buyers.
Many business sectors used to working with Baby Boomers, had a hard time adjusting to the needs and attitudes of Generation X, because they were different than those of the Baby Boomers. Luckily for many businesses, Baby Boomers kept them solvent.
Now, an entirely new generation is about to affect many business sectors with their style of making buying decisions. That generation is Generation Y. As the oldest segment of Baby Boomers are starting to reach the end of their natural lifespans, Generation Y is about to step in and make a huge impact on the real estate market. Experts predict that this could happen as soon as 2020.
The best Australian study has been done in Brisbane, but it is definitely relevant to Perth and all of Australia. By 2020, people who are currently between the ages of 18 and 32 will constitute more than half of the population of Brisbane, giving them “control” of the housing market; 60% of them will be older than 24 years of age and around one third of them will be over 30.
What Generation Y Wants and How they Buy
Generation Y grew up on the Internet. The world is a lot smaller place for them than it has been for any current generation. Generation Y focuses on their present lifestyle more than their future. The best prediction is that many of Generation Y will value low maintenance, easy access to amenities, and ease of living over working hard for high ROI.
We see Generation Y preferring smaller inner city properties and planned communities over most other properties. They will want to live close to the places they work and play, and many will opt to rent instead of buying.
Call 1300 472 427 today; let’s talk about your future.
