GEN X HOUSING WANTS
In Australia, Generation X, born between 1965 and 1980, are truly the trailblazers of the housing market. With over 5.11 million Gen Xers in Australia, their preferences are shaping the housing landscape in exciting ways. Despite their significant presence, this cohort is growing by only 27,000 people per annum over the next five years. This means their impact is substantial, yet nuanced.
Who are Generation X?
Today, Gen Xers are between 44 and 59 years old. They are established professionals, balancing bustling careers with family dynamics. This dual role influences their housing preferences, creating a diverse wish list that real estate agents like us need to keenly understand.
The Traditional Appeal
A lot of Australia’s existing housing stock strongly appeals to Generation X. From spacious suburban homes to traditional family-oriented neighborhoods, these properties resonate with their life stage. New homes being built also often target this traditional family-based cohort. However, it's important to note that Generation X accounts for just 19% of the population and will represent a mere 7% of the population growth over the next five years.
Diverse Housing Needs
Gen Xers have somewhat diverse housing needs. Many are still raising children and require larger homes in family-friendly neighborhoods with access to quality schools and recreational facilities. Others, however, are becoming empty nesters and are focused on downsizing.
Location, Location, Location!
Location remains a key consideration for Generation X. They prefer suburban areas that offer a blend of urban amenities and a relaxed lifestyle. Proximity to schools, workplaces, and recreational opportunities is highly valued, along with access to public transportation for those commuting to urban centres.
Financially Savvy
Gen X individuals are keenly aware of the financial aspects of homeownership. Many are juggling mortgage payments, education costs for their children, looking after aging parents, and retirement planning. As such, affordability is a significant factor in their housing choices, with an emphasis on properties that offer value for money and the potential for long-term appreciation.
Home Sweet Home
Many Gen Xers own a detached house with a somewhat large urban-sized allotment. There is a strong belief that larger house and allotment sizes are key components to capital growth. Furthermore, they value housing options that cater to their evolving lifestyles. Features such as flexible living spaces, home offices, and outdoor entertaining areas are often prioritised to accommodate their changing needs and preferences.
The Rise of Dual Occupancy
As with Generation Z, dual occupancy housing has increasing appeal to Gen X. This housing option offers flexibility and can be a savvy investment choice, providing additional income or a space for aging parents or adult children.
What's on the Wish List?
Here's what the Gen X housing design wish list looks like based on the people we meet in our market:
1. Flexible Living Spaces: Homes that can adapt to changing family dynamics.
2. Home Offices: With remote work on the rise, a dedicated workspace is a must.
3. Outdoor Entertaining Areas: Spaces for socialising and relaxing outdoors.
4. Proximity to Amenities: Access to schools, workplaces, recreational facilities, and public transport.
5. Affordability and Value: Homes that offer value for money and potential for long-term appreciation.
6. Dual Occupancy Options: Flexibility to accommodate extended family or generate rental income.
Adele Oliver
