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

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

Archive