Always telling us what to do, where to be and what to wear. Honestly… kids just had no rights in the house!
Then, as we graduated into young adulthood and began to forge our own path, we thought, “Hurrah!Independence! Time to take on the world and live by our own rules. We are driving this freedom bus to good-time city and none of those stick-in-the-mud ancients are going to rain on our monster festival of life!”
Yep – to be that young, free and so utterly unaware once more.
Despite the outward appearances of independence, I’m afraid I have a little mixed news for Gen X, Gen Y and Millennials, when it comes to real estate at least. In the property stakes, you’re still at the mercy of the elders who continue to push over the first domino in the long path of housing supply. The good news is that right now, they’re creating opportunities for you all.
Did you know that the average baby boomer is now around 63 years old? That’s right, this huge cohort of 55 to 70 year olds are fast approaching the official retirement age. Best of all for them, advances in medical and health care coupled with our first-world, clean-living society mean many are in excellent shape and ready to embrace existence beyond work. Many are looking to take advantage of housing design and community support to move away from their oversized and exhausting-to-maintain family home. There’s a generational shift underway.
But of course, the wants and need of retirees vary greatly across our country’s broad geography. Some grey-haired hipsters want inner city apartments while others are keen on the coast. Some need a bit of land to potter about on while others demand lock and leave units for travel. On the supply side, there’s a heap of available traditional housing sitting in their wake – who’s there to fill the space?
This month, we make a centre-by-centre assessment of how residential downsizers and retirees are set to drive our markets. From warm Queensland climes to Apple Isle food trails, the attractions across our country all have something to offer – and housing must adapt to match. Our teams also study who’s filling the void left behind – where are these golden properties located and what opportunities are available for younger buyers?
Read our Month in Review to find out more…