Housing Through The Generations
As real estate agents with decades of experience in our local area we find it interesting to observe how people's housing requirements change as they move through the different phases of their life. Even over the past 15 years there has been a notable shift in what buyers find appealing now compared to what their parents sought when they were the same age.
Twenties
The twenty-somethings are now living with Mum and Dad much longer than they did 20-30 years ago. And why not? Rent is cheap and Mum does your washing! Jokes aside, rising rents and high property prices are the main reason why kids are remaining at home for longer. The fact is, it's a sensible choice if they want to save for a housing deposit.
For those who aren't living with their parents, it's all about location and lifestyle. Twenty-somethings want to be in the midst of the action, close to pubs, restaurants, cinemas and nightclubs. They find resort style complexes with pools, gyms and other facilities very appealing.
While sharing with friends has always been popular with the twenty-something age bracket, we are noticing it has been on the increase during the current rental shortage.
Thirties
By their early 30's, Sydneysiders in general have 'coupled up' and are thinking about long term partnerships. Buying their first home becomes important with two bedroom apartments being the accommodation of choice. With two incomes coming in it is the time to save as much as possible because it won't be long before they have their sights set on more space...
When kids come onto the picture townhouses and small 'fixer-uppers' are popular. At this stage in their lives the thirty-somethings move away from the hustle and bustle and seek a quieter, suburban life. High mortgages and rising petrol prices tend to mean the budget is tight, so proximity to efficient public transport has become a sought after commodity.
Forties
By their late thirties and early forties, the search is on for a larger house to accommodate an expanding brood. This is the house they envisage staying in for a long time. The rising cost of land is seeing the slow demise of the typical quarter acre block and the resurgence of the McMansion. It seems people no longer want to spend their weekends maintaining a large garden, preferring a much smaller outdoor area big enough for a trampoline and BBQ. Internally things are a little different and it's a case of bigger is better! Rooms designated to home theatres, large family rooms off the kitchen and 2+ bathrooms are top of the wish lists of many buyers in this age group.
As time goes on and the kids become teenagers, home renovations are usually undertaken. The kitchen and bathrooms are probably a little dated and the floor plan may need to be adjusted to accommodate a brood that requires their own personal space.
Fifties and Sixties
By this stage the prospect of downsizing is high on the agenda. Once the kids leave home, it's all about travel, leisure and lifestyle for these empty nesters. Cashed up after the sale of the large family home they seek the 'lifestyle' apartment in a resort style complex that is close to theatres and restaurants. They are like the twenty-somethings but with much bigger bank accounts! Low maintenance housing is paramount so townhouses and boutique apartments are popular. Their friends are doing it and they want a piece of the action.
Seventies Plus
Thankfully developers are taking note and retirement villages are now more like holiday resorts than the pokey, dark studio apartments of days gone by. They offer a mix of accommodation ranging from one bedroom apartments to luxury three bedroom townhomes. The facilities are fantastic. There is no need to stay in the family home as more retirees are selling up and moving into these fantastic, fun villages.
Another popular housing option is where the parents and their children (who are now in their fifties) combine to purchase a duplex together or buy a separate property within the same development. This way they are there to support and assist if required yet maintain housing independence.