Two minute read.
- 25 to 44 years
- 3.3 people per household
- 36% no children at home
- 30% couples or living alone
- A projected 26% of total new housing demand over next decade (in this case, for the Brisbane outer suburbs)
- Portfolio work, not long-term work commitment
- Partnering later
- Parent as friends
- Sex, less stigmas, very little tradition
- Fewer children
- In short, options galore – so it is not until their late 20s/early 30s to early 40s that many buy their first home
- Room to grow
- Property improvement
Preferred housing options:
- 10% to 20% – apartments (inner city)
- 20% to 30% – townhouses/duplexes and similar multi-housing products (middle-ring suburbs)
- 50% to 70% – detached-based homes (mostly outer suburbs)
What most buy?
- A property that can be improved – so they often buy an existing dwelling – in fact, four out of five 1st home buyers buy an older established home
- What also appeals is a property that is capable of taking in a tenant/s to help pay the mortgage
Something to think about
Given that first home buyers are looking for a home they can improve – and when it comes to a middle or outer suburban setting – our discussions with this market segment suggest that a new smaller, yet high quality house (being either a one or two-bedroom property) has considerable appeal.
The key is that this home is sold with an approved building extension/improvement plan and costing in place – so that they can expand the house, within a set time frame and budget.
This arrangement allows a young couple to afford a home now – maybe gain some additional rental income over the short to medium term – and expand (or improve) it as their needs change and/or finances improve.
We have secured 100 copies of the latest edition of Michael Matusik’s Capital Cities Market Outlook Report” for just $99 plus GST.
This is a 33% saving for readers of Property Update!
Please hurry, as we have been allocated limited numbers of these reports at this price. Please click here now to secure your report and use the code: YARDNEY2017
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.