Millennials currently account for 35% of the Australian workforce and are set to reach 40% by 2030.
Tapping into the minds and moods of Australia’s millennials can help us recast our vision for homes, workplaces and retail centres, says CBRE’s head of research in Australia, Stephen McNabb.
CBRE’s new report, Asia Pacific Millennials: Shaping the Future of Real Estate, surveyed 5,000 millennials to find that Australians are the most doubtful about their prospects as property owners.
66 per cent of Australian millennials thought that affordability would prevent them from ever entering the property market, compared with 61 per cent in Hong Kong, 60 per cent in Great Britain, 40 per cent in the United States and 33 per cent in Germany.
The key findings about Australian millennials suggest the following:
- Like previous generations, millennials aspire to own their own property. However, housing affordability is an issue for Australian millennials, forcing them to rent instead
- A preference for F&B and retail experience. Retailers and property owners need to consider these behavioural preferences when designing/managing their centres.
- Opinions on work, not what they seem. Like previous generations, they want stability and opportunities to develop their skills. Close to two-thirds of millennials expect to work for the same company, or for a small number of companies, throughout their career. However, they factor in lifestyle elements such as office design, meaningful “relationships” with their colleagues and managers, and flexible working.
- Office layout and environment are important too. While preference for new amenities are common across all generations, it is the strongest for millennials – this includes more greenspace, wellness/relaxation facilities and games rooms. However, it appears that millennials are happy with the amount of end of trip facilities provided – showers and bike racks.
Source: CBRE Research