An increasing number of young Australians are delaying home ownership, while we’re also seeing an increase in multigenerational households – that means Nan and Pop, Mum and Dad and the kids are all living in together.
Here are the stats:
- Between 2016 and 2021 the number of households containing three generations grew by 22 per cent, according to Census data.
- A total of 55 per cent of Millennials (25-39 years old) are homeowners, compared with 62 per cent of Generation X and 66 per cent of Baby Boomers at the same age.
The stats come from recent articles in yourinvestmentproperty.com.au and propertyupdate.com.au and paint a useful picture for potential investors.
Understanding demographic changes and household composition can help you understand who potential renters might be for your investment property and what they’ll look for in a home.
Keep in mind the stats above paint a broad picture at a national level and it’s important to understand the demographic data for the local area in which you choose to invest.
Talking to local agents will help you learn more about your prospective renters and their property preferences before you dive into the market.
Looking to invest? Talk to us about landlording.