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

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

Archive