Generation Y and Housing Affordability

Monday, October 24, 2016


As Australia’s leading social researchers, the senior research team at McCrindle are actively involved in media commentary. Last week our Principal, Mark McCrindle and Team Leader of Communications, Ashley McKenzie were featured in the media about Generation Y and their ability to access the housing market in Sydney.

Generation Y are today’s 22 – 36 year olds, and make up 22% of the Australian population (5.22 million). They also make up the largest cohort in the current workforce (34%). Gen Y’s are comprised of today’s parents, senior leaders, influencers, and increasingly wealth accumulators. With 1 in 3 being university educated (compared to 1 in 5 Baby Boomers), they have grown up in shifting times and are digital in nature, global in outlook and are living in accelerated demographic times.

While Generation Y are often accused of living a lavish lifestyle, which supposedly locks them out of the property market, it is important to remember that traditional expense categories such as food, transport, health and housing costs are higher for younger people today than that experienced by their parents at the same age. A generation ago the average house price was 5 times annual average earnings while today the average house price is 13 times the average annual full-time earnings.

Here is a quick snapshot of last week’s media coverage:


Housing Affordability Debate

"From the Baby Boomer perspective, they worked hard, they earned what they had but I can also see the Gen Y perspective. The reality is that it's a lot harder to buy a home, the costs have gone up. Gen Y do have to pay off the debt of their degree and there are new categories of spend; technology, internet and phone, costs that their parents didn’t have."  


Parental help becoming essential for young people trying to buy property

"Ms McKenzie, who works for social researcher Mark McCrindle, said borrowing from parents was becoming Sydney’s “new normal”. “Baby Boomers control about 50 per cent of the nation’s wealth so it makes sense young people look to their parents for help,” she said." 












For any media enquiries please email us at info@mccrindle.com.au, or call our offices on +61 2 8824 3422. To arrange a media interview or if you are a journalist and would like to receive our media updates, please email kim@mccrindle.com.au.

A Snapshot of the Changes Transforming Real Estate

Tuesday, September 06, 2016

Change. It’s happening all around us, and it’s easy to be intimidated by the scope and scale of it, but if we can observe the trends and the shifts, then we don’t have to become victims of change but rather we can proactively respond. That’s what’s key. Having the confidence to move forward strategically and proactively, to embrace the trends rather than hide from them.

Earlier this year Mark McCrindle presented Understanding the Times, Shaping the Trends: A Snapshot of the Changes Transforming Real Estate at the Real Estate Institute of Victoria National 2016 Conference. Here are some of his thoughts on trends shaping the Real Estate Industry.



How are generational differences impacting the REAL Estate industry?

Generationally, it is more important than ever to understand the six generations that we have in Australia. While the younger generations might not be active clients in terms of real estate vendors, they do influence parental purchasing and decisions a lot.

We can sometimes pre-qualify people based on our perception of where they’re at in their life stage, but actually there are a lot of people in their late 70’s who are still active in property, perhaps downsizing to buy their next place. Then you’ve got someone in their early 20’s who’s maybe not buying their own place, but perhaps looking at an expensive home because they will be living in that home with their parents. We have to understand the diversity of the generations and all of them may well be active influencers in the buying decision.

Do you have any recommendations on how the Real Estate industry can engage their community?

Sometimes the best connections are actual connections, not just personal ones. The events, the openings, the events where we invite the community along and talk about the area and what’s happening. That brand experience, where people can come to meet and greet with free pizza or cocktails, that sort of thing is what works well, people are looking for that social interaction.

Any tips for those working in real estate?

Well I’d sum it up with the 4 R’s of Real Estate in the 21st Century:

REAL

Keep it real and authentic

RELEVANT

To adjust and adapt

RELATIONAL

Keep it relational in terms of how we connect

RESPONSIVE

We can’t just rely on yesterday’s wins, we have to adjust and adapt to remain responsive to the needs of today


ABOUT MARK MCCRINDLE

Mark is an award-winning social researcher, best-selling author, TedX speaker and influential thought leader, and is regularly commissioned to deliver strategy and advice to the boards and executive committees of some of Australia’s leading organisations.

Mark’s understanding of the key social trends as well as his engaging communication style places him in high demand in the press, on radio and on television shows, such as Sunrise, Today, The Morning Show, ABC News 24 and A Current Affair.

His research firm counts amongst its clients more than 100 of Australia’s largest companies and his highly valued reports and infographics have developed his regard as a data scientist, demographer, futurist and social commentator.


DOWNLOAD MARK'S SPEAKING PACK HERE

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

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

Archive