A recent boom in Australian housing demand due to the rapidly growing population is expected to continue until at least 2027, according to property expert Pete Wargent; however, the demographics concerning home buying in Australia differ to those in previous years. For example, there has been a marked decrease in home buying activity amongst 45-55 year olds, a demographic which usually spends the most on homes, and the average age of first-time buyers is predicted to rise past 40. The number of people aged between 15 and 34 who are planning to buy their first house fell by more than half from 2015 to 2016, with only about one third intending to purchase a home.
A recent boom in Australian housing demand due to the rapidly growing population is expected to continue until at least 2027, according to property expert Pete Wargent; however, the demographics concerning home buying in Australia differ to those in previous years. For example, there has been a marked decrease in home buying activity amongst 45-55 year olds, a demographic which usually spends the most on homes, and the average age of first-time buyers is predicted to rise past 40. Instead, investors are expected to continue to dominate the property market.