The New Australian Dream

Thursday, September 01, 2016


Owning your own four bedroom house on a decent block of land with a big backyard and outdoor swimming pool used to be the quintessential 'Great Australian Dream'. But with rising property prices and increased living costs, that dream is being redefined.

what is the Average Australian Profile?

The average full time annual income in Australia is $80,000, which is bumped up a bit because of high income earners. Even though we are living longer now than a generation ago, the average retirement age is little changed, at 61.5 years.

The cost of housing is up with average rent prices per week at $485/week and the average house price (capital city) is $765,730. In Melbourne it is well above this and in Sydney it is around $1 million. This is where the challenge is for Australians: 40 years ago the average house price was around 5 time’s average earnings and now you can see it is almost 10 times the average annual fulltime earnings.

Other than affordability, what else are Aussies looking for?

Lifestyle is key. People are opting to live in higher density areas for the sake of convenience and location- within close proximity to transport, restaurants – the café culture as it has been called. Our Urban Living Index shows a strong correlation between the most urban/densified suburbs and those with the highest liability ratings.

Australians are opting for a lifestyle of Minimalism - we are 'decluttering' our lives and putting more value on the intangibles like travel. Generation Y aren’t opting for a big home with garages to store all their stuff but more of a focus on the easy-livability of apartment living. Indeed many baby boomers are downsizing from their larger homes in the suburbs to this style of living too.

Renting, as opposed to buying, what some of the benefits?

The ability to change locations easily is well regarded – the average Australian renter stays just 1.8 years per home. Our research shows that 1 in 3 renters are actually 'choice renters' and they choose to rent for lifestyle reasons, not primarily for affordability reasons. These choice renters are twice more likely to be living in medium and high density housing than the average Australian and they are almost 10 years younger than the average Australian. The ability to upsize and downsize easily and the flexibility to travel for extended periods of time is a driver for them. ‘Rentvesting’ is also becoming a ‘thing’. This is where people choose to rent in an area they like, but buy somewhere more affordable and use this as an investment

Generation Y are struggling to attain the Great Australian Dream – are they going to be ok?

There is a challenge emerging of "generational inequity" as shown by this infographic:

Gen Y’s have the least wealth of the working generations and their proportion of Australia’s wealth is less than half their demographic share, while the Baby Boomers who are a quarter of the population, own more than half of Australia’s wealth. (More information on this topic can be found here)

This is why Gen Y is reinventing the Aussie Dream and while they do still like the idea of owning something of their own, it is not just the big home with the back yard in the suburbs. But many in this generation will be absolutely fine thanks to the massive intergenerational wealth transfer set to happen in the next 20 years as those aged over 65 transfer much of their total wealth of $2.5 trillion.

Welcome to our blog...

We have a passion for research that tells a story, that can be presented visually, that brings about change and improves organisations. And we hope these resources help you know the times.

Our Social Media Sites

Facebook | McCrindle Research Social Media YouTube | McCrindle Research Social Media Twitter | McCrindle Research Social Media Flickr | McCrindle Research Social Media Pinterest | McCrindle Research Social Media Google Plus | McCrindle Research Social Media LinkedIn | McCrindle Research Social Media Mark McCrindle Slideshare


Last 150 Articles


Tags

prince george investor royal family mover and shaker social research bureau high density living proactive hills shire coffee lovers identity professional services ACF 2016 urban living research services infographics social trends parenting rise of local financial independence Australian Families employment DESTEL changing face of sydney authenticity hello fresh capital cities housing The Daily Edition insight video low density Real Estate teacher Skilling networking research pack Tuesday Trends shopping centre workplace culture marketing presentations financial planning sunburnt country workplace SMSF residents SA Tuesday Trend housing trends aussie culture grandparents Elderslie-Harrington park waverton media release ferry training suburban living follow Channel 7 demographic investing Australian Bureau of Statistics results the changing face of toys learning styles earnings google for education speakers lifestyle demography infographic wall dreams twentyseventeen teach VIC gig the average aussie social shifts conference presentation australian communities trends report New Zealand population New Zeland gen alpha internship travel sydney speaker sentiments motivate overcast father's day Australian Communities Trends future of education data visualisation business sydney event census data global cars Christmas presents publication neutral bay VET qualitative research menai 1968 Love schools VET sector educated quote wages states going out NBRS Architecture moreton bay school satisfaction demographic transformations not for profit communities teaching NBRS economy Sydney keynote speaker wellbeing easter tea Real Estate Institute of Victoria grave decision the great screenage resource high density Australians ease of travel typical australian politics mateship media commentary Myth middle class JOMO average aussie Generation X mccrindle cash future school generational trends optus my business awards relational ACF Caregiver hobart priorities TEDx public speaker criminal Aussies social media high density apartments slideshare Wellington social impact goal Gen X perth leadership global generations IT Specialists cloudy days greatness church hornsby Hills Shire Council visual social researcher Macquarie University generation learning marriage statistics survey design facts Sydney’s south west entrepreneurial manly mccrindle research choice workers events university degree social lives child care non profit medicine consumerism hills future-proof mccrindle tea names NFP event Australia Day 2017 environmental scanning school students Jura Coffee resilience kate middleton gen z high school Engineering Manager student January 26th public speaking ultimo land of the middle class personalities family group session change logan emerging generations McCridle collaborative breakfast energy skills renter of the future cica cartodb cold sydneysider rule keeper brand community engagement monarchy Australian community trends anzac Sydney tattoos sunny days 2016 water mortgage trends of 2017 apartment Geoff Brailey financial future capital city baby name trends winter blues TAS learn forecast eliane demographer transport weather ashley mckenzie millennials state focus groups Queensland socialites renting suburbs apartments organisational culture professional speaker meetings pharmacies Hornsby Shire Council impact click professional presenters business index cancelling event outsourcing global financial crisis google Assistant Store Manager plans future proofing technology 40 million NEETs crime australia thought leadership communication donation careers the lucky country pharmacy social commentator Christchurch australian communities forum stats 2017 "know the times" social commentary new york times world marrickville wealth and income distribution mccrindle in the media online 10 years Charlotte darwin healthy future culturally diverse Deaths mythbusting curiosity Netflix Research Executive crows nest presentation woolworths entrepreneurs of today daily telegraph future proof media activity divorce list friendship innovation environment care support EFF property education sector university jobs CBD faux-ciliser christmas mother's day cultural diversity Duchess of Cambridge celebration English Mount Annan-Currant Hill wealth distribution Kiwi households townhouses cooking challenge graphs internet conference speaker GPO Do It Yourself spend car career office opening meals families young australians Australian Trends money faith parents buildings in depth interviews coffee home ownership Northern Beaches Christian School government urban living index summer wealth and income charity research on coffee Valentine’s Day personal growth New South Wales fears poor participants intern selfie wealth Australian Dream housing growth baby speajer royal influence generation alpha 2014 REIV Conference safe data analyst FPA emerging trends bondi jobs of the future professional development Vocational education holiday schools students office responsive litter increasing densification trends analyst sydney hills goals trends of 2016 belief trends daily commute speaker Population Clock baby name predictions REIV National Conference conference program experience couple financial dreams social analysis national private wealth case study 1980 baby name tips wedding Merry Christmas employers consumer 1994 Cobbitty-Leppington communicate society teleworking small business dream culture research visualisation rising house prices deloitte Australian Census staff FOMO shopping area urban Financial Planning Week employmer life year 12 eliane miles commute millionth royal Royals shbc demographics etiquette WA lalor park engagement Res Vis local communities data hunger community event Word Up baby boom wolloomooloo population map ACF17 purpose population milestone growth mining boom economic geomapping financial faux-cilising city report cancel plans cancelling plans aged care builders work mates social change blaxland christianity investment australian social research award not for profit research work-life know the times food bank average sydneysider Northern Territory village earning finance group 2016 census results property price focus group news snapshot 23 million live the dream communications public holiday volunteering online shopping digital offenders spirituality brands brand experience wealth inequality Tasmania mythbusters thrive generations australian community trends report living fresh vegetarian ACT Report mobile Queensland: QLD affordable ACF2017 Northern beaches Event trend cost of living ABS social researchers speakers pack award winner women 2016 census Crime Rates baby names Education Future Forum TED talk ageing young people Mark McCrindle community Adelaide customer researcher future of work organisations tv housing market shopper's pick panel clothing huffington post baby names australia report Territory Australia street donate income tableau vegemite friends royal baby Jura Australia princess charlotte cultural diveristy rental stress Aussie staying in Canberra men infographic Research Director NT sector Social Trend showreel micro students collaboration education debate local community internships Kirsten Brewer children youth unemployment in the media entertainment volunteers media millenials paying to work winter Christmas lunch relevant James Ward debt pyrmont screenage define market research dare to dream omnibus budget potts point australians staying home more household commuters happiness society trends newspaper christian social issues dreaming sun australian population growth the hills shire insights DIY gig economy house price rise narcissism education future suburb ashley fell 24 million year 7 1975 house prices Australian communities religion national crime rates language world youth day February 16 norwest ideas education future report tertiary education study owning a home workforce repayments analysis research data optus Australian Population food teachers holidays travelling equip baby boomers rich sports food insecurity event office space Generation Y rent dessert future of shopping micro apartments social life sustainable alpha earn System's Architect contiki national wealth ageing population work casual trades real Wagga Wagga #censusfail cost interactive faux-cilise home nfp moderators guide emerging technologies hopes What is food insecurity? retirement australian real estate innovative marriages shifts Sydney Hills Business Chamber generation Z sector wide weekly earnings housing affordability professional futurist NSW entrepreneur 2015 brisbane Work place rain survey property market the australian dream financial fears CPI socialising trend tuesday mentor leadership workshop Wodonga product wage visualisation youth leader census balance census fail Christmas season long weekend ethnography stay home Willowdale Australian schools The ABC of XYZ ACT sydneysiders seasons Births baby names report social enquiry PSI unaffordable divorce rate research report house price storytelling keynote World Water Day home owner recap aged care puzzle tuesday volunteer employmee train 2013 2020 sydney metro giving local urban taskforce conferences demographic trends volunteering data Australian Home charities victoria research educhat Scouts Bathburst sydneycity Melbourne forecasting engage Financial Planning Association of Australia gold coast poker master education research HSC average Australian census results gender keynote speaker SRE ipswich Gen Y not-for-profit TED easy rider domestic new office Financial Planning Association Australia Day Western Australia annual income optimistic Andrew Duffin census 2016 chairty Channel Seven supply and demand post rationalism 2012 bus unemployment salary SMART Northern Beaches learner McCrindle Speakers Australian demographics workshop growing population forum TDE social affordability the hills acf15 megatrends 24,000,000 sector wide study story South Australia house business performance

Archive