Australian Property Trends: What do Millennial Home Buyers want in 2016

In 2015,

the real estate market in Australia

has undergone a strong growth, indicating that this year might be even more prosperous. Although the prices have peaked, it is expected that they will become more consistent.  One group stands out from the rest, and composes the largest segment of the real estate buyer population (at 32%). Millennials are young buyers, who have a different life experience and philosophy, while also possessing considerable purchasing power. Those sellers who make the mistake of ignoring this major force in the consumption are at the risk of seeing their house collecting dust and amassing expenses.   

Go with the tide

The new wave of investors is coming and this rising tide will lift many boats. Therefore, grasping the cravings of millennials is the best way to avoid ending up underwater. Younger customers most often look for more than just a roof above their heads. They aspire to snatch an express lifestyle, to make a statement about their personality through property ownership. Things that impress them are not the same as those that brought joy to their parents. For example, the vicinity of various amenities and workplace can overshadow the cost and condition of the home in their eyes.

Up to date

This is not to say that the interior has no role to play, on the contrary. Outdated spaces do not stand a chance of grabbing attention of the millennials. Now, apart from the visual appeal, low maintenance and renovation costs are top-priority for them. Do not be fooled, however: They might not be eager to do extensive overhauls, but a millennial appreciates the benefits of buying from an online tool shop with only a few clicks of the finger. What is more, they are no strangers to DIY projects, and always seek to personalize the space. This means that sellers must not present them with a space that leaves no room for redecorating maneuvers.

A tech haven

Younger people have grown up surrounded by cutting-edge technology and may expect the home to hold more than just wireless capacities and NBN connection. A bulk of them is in tune with sustainable trends and green tech, and wants energy-efficient appliances in their abodes. Moreover, buyers could pay attention to detail like the number and deployment of outlets because they need to plug in all their gadgets and laptops. Also, sellers should make an effort to appear tech-savvy and communicate via email, text messages, and social media.  

The old and the new

Never make the mistake of thinking millennials are naïve buyers. Nobody wants to fail at the one of the most important steps in life— buying a property. They will inspect the home, or let the professional handle this job. The crucial systems must run like clockwork, and there should be no visible faults and malfunctions. Finally, bear in mind that an increasing number of millennials are drawn to the market in pursuit of investment property. Still, this trend is still rolling slowly, as the ratio of median prices and average salary in Australia does not look that good. As a result, many buyers look for previously-owned, older properties.

Here is the deal

The level of current activity on the market is astounding, and millennial population is right at the center of these rapid developments.  It is crucial to note that this is a diverse population, and that we are dealing with tendencies and trends, not hard rules here. That being said, millennials do gravitate towards contemporary, tech-packed spaces, with lower running costs. Adhering to their wants and needs is the only way to stay competitive and increase the chances of striking a good deal. A retreat that captures their imagination and encompasses their life aspirations is the one that will lure the money from their bank accounts.