Shoebox apartments won't meet family-friendly housing demand as millennials come of age

Changing demographics over the next 10 years are tipped to drive demand for smaller dwellings — but not that small, according to BIS Oxford Economics.

The economic forecaster has crunched the population numbers and concluded that rapid growth in the 20-to-34-year-old age bracket over the past 15 years will see Generation Y, or millennials, shape the residential property market over the next decade.

As Generation Y move into their late 30s and 40s and are more likely to be living in family households with children, they will need to balance convenience and affordability with home ownership and the separate dwellings typically sought after in that life stage.

Full Article on the ABC Website

 

Jennifer Min