Millennials is the term used to describe people born between the early 1980s to around the year 2000.
Recent research reveals that within three years, over 40% of home buyers will come from this generation, as many reach their peak income-earning years.
Many millennials view property differently, because they often manage strict budgets, and can therefore be more price sensitive.
These buyers are generally fluent with accessing and analysing the massive amount of information about property and investing available on the Internet, and know how to find properties that offer value for money and the prospect of capital growth.
Many millennial buyers understand that they need to start with a smaller property or unit as a stepping stone, or buy in a suburb or town where prices are more affordable.
So, what are millennials looking for in a property?
Technology and modern design elements have undoubtedly influenced what millennial buyers find attractive in a home. Wireless internet coverage and/or fibre optic connectivity, as well as “green” features and innovations are all likely to be included in the consideration.
If you are selling your property in a geographical location with a high demand from millennials there are certain features this demographic are enquiring about, and to make your property stand out, you could consider making improvements that appeal.
Internet/broadband coverage – whether wireless or fibre optic, is a top-of-mind consideration for this generation. A young family buying into a long term commitment want to know that access to the internet will be fast, reliable, and also open to competition between providers, and such information can be included in your property’s marketing.
With work and homework high priorities, these buyers want to know how easy it is to set up tech hubs in certain rooms of the home. With a few touches of technology or by adding connections, you could make your garage easily adaptable as a second or third office if needed.
Open plan lounges, kitchens and outdoor entertaining areas are popular with young buyers. Make every effort to present these spaces as great for entertaining friends.
It is important to add that in the late-20s to mid-30s category buyers are often starting a family, or plan to start in the near future. Therefore, the interior and exterior areas must seem applicable to young children and pose no safety risks.
In that regard, it is always an advantage to be located close to neighbourhood parks and other amenities appealing to young families, and your Harcourts Sales Consultant will no doubt highlight these features to prospective buyers.
Lastly, the emphasis on building a sustainable future is a sentiment often expressed by millennials, and more and more enquiries about renewable energy and solar-powered facilities are being received. If you have solar power installed, external lighting powered by the sun, or harvest rainwater, then this is something you need to include in your marketing material.
Millennial buyers are a force to be reckoned with in the local property market, and many sellers are realising the potential of penetrating this market.