Aging population to drive property trends

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By Robert Carry

The coming decade's property trends will be driven by Australia's aging population, migration and global warming, First National Real Estate chief executive Ray Ellis has said.

Ellis pointed out that Baby Boomers are increasingly choosing to live out their retirements in their family home, elevating issues about accessibility and safety for elderly people as well as putting pressure on the supply of larger housing units sought by young families.

“Most homes are designed to accommodate larger, younger families rather than the needs of people as they age,” Ellis said. “New residents to Australia on the other hand, will probably seek to rent until they get themselves established, which will place greater pressure on rental markets.”

Ellis said the twin factors of parents staying in their homes longer and migrants renting could mean property market become harder to enter.

Ellis added that global warming could continue to impact property trends, as energy efficient homes that collect their own water and supply their own power will grow in popularity. “Smart developers will capitalise on the growing demand for properties that are green, and I believe we will see more and more new homes delivering smarter, more efficient ways of using our precious resources,” Ellis said.

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