How Millennials transform lacklustre suburbs into vibrant places?
- Millennials make up more of the workforce than any other generation.
- As the first to come of age in a digital world, they operate in significantly different ways to their older counterparts.
- By adapting corporate culture to accommodate the Millennial mindset, businesses can attract new talent and gain a competitive edge.
Millennials are well into adulthood. Born between 1981 and 1996, the youngest are 23; the oldest are around 38 and nudging into leadership roles. Since 2016, there have been more Millennials in the workforce than any other generation.
Millennials are the most racially and ethnically diverse adult generation in history.
As our future buyers and tenants – as well as the next generation of property investors and landlords – it’s important we know where millennials are moving to and why.
Millennials have a knack for gravitating towards promising, up-and-coming areas that lend themselves to growth and gentrification. Once millennials move into an area it usually doesn’t take long for previously lacklustre suburbs to transform into buzzier, more vibrant places – in other words, good places to invest in.
The biggest pull for millennials to certain areas is affordability. The majority of millennials looking to get on the property ladder in Australia face serious affordability issues, so they’re primarily looking in areas where they can afford to buy a property using the government incentives available to them.
As well as affordability, lifestyle is another important factor, with most millennials wanting to live within a reasonable distance of the city centre. Good transport links, convenience and having decent amenities within easy reach also factor highly.
Millennials choosing to live where they buy often do so knowing that although it’s their first home, it isn’t necessarily their forever home.