Where Property Is Heading

Paul Taylor from Taylor’s First National Real Estate predicts the property trends for the next decade will be driven by Australia’s ageing and increasing population, global warming and technology.

Paul says the shifts and changes in our nation’s population will drive key trends in the property market.

“Baby boomers are increasingly choosing to live out their retirements in their family home, elevating issues about accessibility and safety for elderly people in their homes and demand for manageable and efficient housing,” Paul said.

According to research, the overwhelming majority of older Australians, nearly 90 per cent, want to stay in their own homes in neighborhoods they are familiar with.

“Most homes are designed to accommodate larger, younger families rather than the needs of people as they age,” Paul said.

“So there will be a growing trend for specialized renovation services that focus on modifications to traditional home designs, to help older people be more comfortable and safe and able to stay in their own homes for far longer and for homes to accommodate a blend of generations.

“New residents to Australia on the other hand, will probably seek to rent until they get themselves established, which will place greater pressure on rental markets.”

With their parents staying in their homes longer, and migrants renting, the property market will be harder and harder to enter, particularly for Gen Y-ers who are becoming more discerning and demanding their own unique set of ‘home’ requirements.

“Gen Y-ers want properties that are wired to capitalise on today’s modern technologies, be close to their friends and social networks and, at the same time, want their home to be good for the environment,” Paul said.

“That’s a lot to ask for in your first home, especially if it’s an established home.”

Global warming will also continue to impact property trends, as energy efficient properties that collect their own water and supply their own power will grow in popularity.

“Smart developers will capitalise on the growing demand for properties that are green, and I believe we will see more and more new homes delivering smarter, more efficient ways of using our precious resources,” Paul said.

“Higher petrol prices will also drive demand for homes that are in close proximity to public transport and with the state governments’ current infrastructure plans this will prove a trend too strong to ignore.”

Paul said the challenge for the housing industry and home owners will be to balance these competing needs, balancing traditional home ownership with retiring people’s independence and Gen Y-er’s desire for technologically savvy homes with  maximum energy efficiency.