While affordability is going to be an issue for a lot of millennial homebuyers, many will still be looking to break into the market at some point, but the types of properties they will seek out might be quite different to what their parents used to look for.
So what will be important considerations for millennial buyers?
Internet availability – A home without access to the internet is on par with one that doesn’t have electricity for a lot of young buyers. In fact, internet speed and access in the home is an important factor for buyers of all age groups these days.
A lot more people need to work from home these days, and communicate regularly with their friends and family using social media, so without the internet they may feel like they are cut off from the rest of the world.
This means that high-speed internet connections such as the NBN can be major selling points for some properties. Some people may also be on the lookout for places in the home that can be used as a home office or tech hub.
Green property features – Sustainability is becoming an increasingly important issue for buyers and can make for a strong selling point for some properties.
Things like solar panels, rainwater tanks, double glazing, passive solar design and energy efficient appliances are all going to be popular home features.
Lifestyle factors – Neighbourhoods with trendy cafes and parks are bound to be popular among young buyers and many are likely to compromise on things like property size or condition to get into the right area.
Many young buyers also want to live close to work, so convenient access to public transport is likely to be a high priority.
Open plan living – A sense of space and room for people to all hang out together is important to a lot of homebuyers. People want to be able to be able to cook in the kitchen and still be able to chat and hang out with people doing other things in the house. Formal living spaces generally aren’t as important for younger generations.
Open plan design helps make rooms more sociable spaces for hanging out together, and it can also help make properties feel bigger, which is particularly important for buyers who are compromising on property size.
Low-maintenance – A lot of millennial buyers will look for homes that require little maintenance and gardening. This means that clean and modern lines will be looked on favourably in homes, and gardens that don’t require too much upkeep.
Sellers located in areas with a high percentage of millennial buyers should consider what their homes offer to appeal to this demographic.
For more advice or assistance contact the team at Arbee Real Estate.