Real estate buyers in Australia are diverse, but two of the biggest markets are the baby boomers and Millennials. Of these, companies should bring more of their attention to the younger generation.
In sociology, Millennials are those born from 1982 to 2004, but the term is also synonymous to the mobile and social media generation. They are the biggest population in the world today, giving them a lot of power to change trends and shift particular habits. These include real estate buying.
What Can You Expect?
According to a survey by the HSBC, Australia fared poorly regarding Millennials as homebuyers. Of the 9,000 living in nine countries who participated, only 28% in Australia bought a home. It’s a huge difference from 40%, which is the global average.
What stops them from purchasing a house? One of the biggest challenges is the soaring Australian home prices. In Gold Coast, the average cost is already $600,000 — and its trend continues to move upwards. The steep price also poses another problem, and that is the down payment.
As it is expensive, it takes a long time for them to save the amount. In turn, this generation cannot move out of the house yet. Others prefer much smaller spaces or cubby holes, converting attics, garages, sheds, and camper vans of their parents into their home sweet home.
When it comes to homes they prefer, research by National Association of Home Builders (NAHB) in the U.S. said that they prefer suburbs than the city if they’re buying and urban if they’re only renting. Moreover, they were more likely to choose single-family homes with fewer home divisions.
Marketingprojects.com.au further explains that freedom is a characteristic many Millennials treasure, so there’s a high chance they want a property that places them close to things and activities that allow them to pursue their interests and hobbies — which the likes of Gold Coast can offer.
Millennials are starting to overtake baby boomers in spending and buying habits. As early as now, you should create real estate campaigns especially for them. Get help from Gold Coast property project marketing specialists who know this market well.