Fast facts about baby boomers – who they are; a brief description of typical baby boomer buyer wants; their housing considerations; preferences; and what most buy.
- 50 to 74 years
- 2.1 people per household
- 92% no children at home
- 71% couples or living alone
- A projected 24% of total new housing demand over next decade (again, like yesterday’s Missive, for the Brisbane outer suburbs)
As their title suggests, many want to move into something smaller and, if possible, in their existing neighbourhood.
- Low maintenance
- Like-minded residents
- Small scale projects and/or in the more…
- Secluded areas within a housing estate/neighbourhood
Preferred housing options:
- 10% to 20% – spacious apartments (inner city)
- 30% to 40% – townhouses/duplexes and similar multi-housing products (middle-ring suburbs)
- 30% to 40% – detached-based homes (mostly outer suburbs)
What most buy?
- Quality build and finish
- Well-priced – value for money – usual rule of thumb is that they need at least a 20% ‘jingle’ in their pocket between the sale of their existing home and the price of their downsized abode
- Privacy and security
- Parking and storage
- Space for visitors and grandchildren
Something to think about
Also, many downsizers are now looking for a home that is capable of taking in a tenant/s to help them live a more fruitful retirement – additional income and/or ability to travel and have someone ‘looking after’ their home whilst away.
Dual+ occupancy homes – two or more separated residences (yet, often under one roof) on one title – have increasing appeal.
This caters for not only tenants, but the extended family and in time, the potential need to have a carer live onsite.
Such a dwelling arrangement has increasing appeal to an investor on future resale – more rent/yield based decision – as well as an owner-resident.