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

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

Archive