In Australia, Generation X born between 1965 and 1980, is shaping the housing landscape with preferences influenced by their life stage, career aspirations, and family dynamics.
Today this cohort is between 44 and 59 years of age.
There are over 5.11 million Gen Xers in Australia, yet this generation is expected to grow by just 27,000 people per annum over the next five years.
A lot of Australia’s existing housing stock appeals strongly to this generation.
Also, much of the new homes being built down under targets this more traditional family-based cohort, yet this segment accounts for just 19% of the population and will represent a measly 7% of the population growth over the next five years.
Australia needs to start building more new homes that appeal to a younger buyer (and rental) profile and for downsizing Baby Boomers.
But back to Generation X.
Many Generation X members are established professionals with growing families or are becoming empty nesters, leading to somewhat diverse housing needs.
While most may still be raising children and require larger homes in family-friendly neighbourhoods with access to quality schools and recreational facilities, others may be focused on downsizing as their children leave the nest.
Location remains a key consideration for Generation X, with preferences often leaning towards suburban areas that offer a blend of urban amenities and a relaxed lifestyle.
Proximity to schools, workplaces, and recreational opportunities is highly valued, along with access to public transportation for those commuting to urban centres.
Generation X individuals are also keenly aware of the financial aspects of homeownership.
Many are juggling mortgage payments, education costs for their children, looking after ageing parents and retirement planning.
As such, affordability is a significant factor in their housing choices, with an emphasis on properties that offer value for money and the potential for long-term appreciation.
Many own a detached house with a somewhat large urban-sized allotment.
There is a strong belief that larger houses and allotment sizes are key components to capital growth.
Furthermore, Generation X individuals value housing options that cater to their evolving lifestyles.
Features such as flexible living spaces, home offices, and outdoor entertaining areas are often prioritized to accommodate their changing needs and preferences.
As in the case of Generation Z, dual occupancy housing has increasing appeal to Gen X.
