PROPERTY NEWS - It's important that property sellers - and their agents - understand where and how millennials prefer to live, as they are the next big wave of homebuyers.
“For a start,” says Rawson Property Group MD Tony Clarke, “one needs to accept that this generation of buyers – currently in their 20s and early 30s - has very different ideas about what makes a perfect home from the baby boomers and generation X buyers that came before them.
“A major study done by global research company Nielsen in 2014 found, for example, that 62% of millennials would prefer to live in a mixed-use or live-work-play community in an urban centre, where they can preferably walk to work, shops, restaurants, and the gym.
“Indeed, the survey revealed that millennials are currently already living in urban areas at a higher rate than any other previous generation, and that 40% of them are not planning to leave the city and relocate to the suburbs in the future.”
But while they may not be keen on the suburbs, he says, there is quite a large contingent of millennials that do like the “alternative” idea of living in a small country town, provided that everything they need is also within walking distance, and that the town has excellent cell phone and internet connectivity to enable them to work remotely.
Prefer smaller homes
As for what type of property millennial buyers are most likely to choose, Clarke says, it is not really surprising that most of these very busy people prefer smaller homes to larger ones requiring a lot of upkeep, but what is interesting is that they also generally don’t like “cookie-cutter” apartments, townhouses or clusters that all look the same or have the same floorplan.
“A major study done by global research company Nielsen in 2014 found, for example, that 62% of millennials would prefer to live in a mixed-use or live-work-play community in an urban centre, where they can preferably walk to work, shops, restaurants, and the gym.
“Indeed, the survey revealed that millennials are currently already living in urban areas at a higher rate than any other previous generation, and that 40% of them are not planning to leave the city and relocate to the suburbs in the future.”
But while they may not be keen on the suburbs, he says, there is quite a large contingent of millennials that do like the “alternative” idea of living in a small country town, provided that everything they need is also within walking distance, and that the town has excellent cell phone and internet connectivity to enable them to work remotely.
Prefer smaller homes
As for what type of property millennial buyers are most likely to choose, Clarke says, it is not really surprising that most of these very busy people prefer smaller homes to larger ones requiring a lot of upkeep, but what is interesting is that they also generally don’t like “cookie-cutter” apartments, townhouses or clusters that all look the same or have the same floorplan.
“Millennials are big on individuality and on DIY, and these characteristics definitely spill over into their choice of homes. In fact, a Better Homes and Gardens survey conducted last year found that 30% of millennial buyers would actually prefer a complete fixer-upper that they can transform to reflect their own tastes and style over a home that needs only minimal repairs.
“That is a very different approach to that taken by previous generations of buyers, by far the majority of whom would always be on the lookout for the home that was in the best condition and needed the least amount of work when they moved in.”
Also very different, he notes, is what millennials want to find or put inside the homes they buy, starting with technologies such as smart-phone-controlled temperature, sound and security systems, and an efficient use of space.
“That is a very different approach to that taken by previous generations of buyers, by far the majority of whom would always be on the lookout for the home that was in the best condition and needed the least amount of work when they moved in.”
Also very different, he notes, is what millennials want to find or put inside the homes they buy, starting with technologies such as smart-phone-controlled temperature, sound and security systems, and an efficient use of space.
