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

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

Archive