What Homebuyers Want: How Different Generations are Shaping the Market
Whether you are a property investor or a homebuyer, understanding what homebuyers are looking for has never been more crucial.
As homebuyers make up around 70% of our housing markets, they are the ones that drive property price growth.
With spring now in full swing, new research by Domain reveals that today's buyers aren't just searching for a house—they're searching for a home that meets their unique generational needs and lifestyle preferences.
From Gen Z to Baby Boomers, each group is redefining what makes a property desirable, and the key trend this season is?“Social Connection.”
Gen Z: the rise of the community-driven first-home buyer
As the youngest group entering the market, Gen Z values community and convenience. They prefer vibrant urban areas with walkable neighbourhoods, local cafes, parks, and public transport.?
Social interaction is important, and they are drawn to townhouses or apartments that foster connection with like-minded people, particularly in areas close to work and entertainment.
Millennials: flexibility and lifestyle over size
Millennials, often with young families, are focused on flexibility and lifestyle over large square footage. They prioritise adaptable spaces, such as those that can serve as home offices or playrooms, along with energy-efficient features.?
They seek areas that offer a balanced lifestyle, with easy access to parks, schools, and community hubs. Social connection for Millennials revolves around neighborhood engagement, such as farmers' markets or family-friendly cafes.
Gen X: privacy and proximity to amenities
Typically established professionals or business owners, Gen X buyers value privacy but also want proximity to essential amenities like schools, shopping, and healthcare.?
They look for homes with ample space for family life, including features like backyards and secure fencing. They also view property as an investment, seeking homes with growth potential, whether through location or renovation opportunities.
Baby Boomers: downsizing with style and connection
Baby Boomers are often downsizing but don't want to compromise on comfort or style. They prefer modern, low-maintenance homes in vibrant, well-connected communities.
Proximity to cultural amenities, cafes, and healthcare is essential. Many Boomers also value social spaces like communal pools, gyms, and clubs, helping them maintain an active lifestyle and social connections in retirement.
Across all generations, one clear theme emerges: buyers want more than just a home—they want a community. Whether it's vibrant urban areas for Gen Z, family-friendly neighbourhoods for Millennials, private yet connected spaces for Gen X, or stylish, low-maintenance options for Boomers, social connection is at the heart of their home buying decisions. Property investors should focus on homes that appeal to a wide range of buyers by showcasing local amenities, community engagement opportunities, and spaces that promote connection. As social connection continues to shape the property market, it will drive long-term value growth for properties that cater to these evolving needs.
Please feel free to reach out for a confidential conversation, whether you are buying, selling or simply want to talk about the market call me on 0410 044 463.