The Millennial market boasts a vast difference in comparison to Baby Boomers. Born in the mid 1990’s to 2000’s, Millennials lives differ in many aspects; with immense knowledge on technology and focus on health, wellness, and experiences. Within the property market, their requirements differ largely from their parents and grandparents, which means that the property market has had to adapt and shape lifestyles that cater for this generation.
Location and proximity
Millennials covet homes that are in good locations, within proximity of their desired amenities, workplaces and have a sense of community around the vicinity. They are willing to sacrifice space for smaller-luxury homes that comprise open-plan and multi-use areas. Walkability and public transport are vital. They prefer new developments with low maintenance. According to a Nationwide Mortgage report in the US, “48% of Millennials in the Nationwide report said they wanted to buy newly constructed homes to avoid renovations and plumbing and electricity problems. They didn’t have the time or money for home renovations.”
Green and energy efficient
The reduction of carbon footprint is an important factor on the average Millennial’s list. Results from NAHB’s report ‘What Home Buyers Really Want’ (2019 Edition), show that “83% of Millennials are concerned about the impact of building a home on the environment”. Within this space the addition of smart appliances that are energy efficient are desired with elements like self-sufficient solar power options and indoor purification systems.
Embracing all things tech related, smart homes are trending with the Millennial generation. A smart home is essential for this generation that values convenience and being connected. The need to be online and connected with fast internet access are important factors with the rise of work from home and smart devices that require constant connection. Smart appliances and networked systems are valued within this space as Millennials are aware of the higher resale value on these homes with these features.
As a leading force of smart, energy efficient homes, Australia puts forth these benefits on their new developments. While this unique generation furthers their footprint in the property market, the profound effect of change will resonate with and change the way we purchase property for years to come.