Millennial is the term used to describe people born between 1981 and 1996. Recent research reveals that around 40% of home buyers are currently from this generation, so it is important if you are looking to sell to this group of buyers that you consider the attributes they are seeking in a home.
Most millennials view property differently, they often manage strict budgets, and are therefore price sensitive. They 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. They also understand that they need to start with a smaller property or unit as a stepping stone, or buy a house in a suburb where prices are affordable.
Millennials are also more likely to be first home owners and are therefore eligible for the government’s First Home Owner Grant and stamp duty concessions.
So, what are millennials looking for in a property?
Technology, modern design elements and lifestyle are undoubtedly some of the most attractive elements.
Millennials want top-quality wireless internet coverage and/or fibre optic connectivity, “green” features/innovations, and a home with top lifestyle features that is centrally located.
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 and reliable. This information should be clearly displayed in your property’s marketing.
Millennials are looking for spaces that can double as a home office. The trend for many is to include a work station or tech hub at home, as many are based part or full-time working from home. With a few touches of technology or by adding connections, this buyer group can more easily imagine themselves living and working in the space.
Lifestyle options such as open-plan lounges, kitchens and outdoor entertaining areas are popular with young buyers. Make every effort to present these spaces to buyers, showing them how they can entertain their family and friends.
It is also important to note that these buyers are often starting a family, or getting ready to in the near future. Therefore, the interior and exterior areas must be applicable to young children and pose no safety risks. They are also attracted to properties that are close to neighbourhood parks and other amenities appealing to young families, and when selling, your Sales Consultant should highlight all these features to prospective buyers.
Going with the lifestyle, millennials prefer to live within a reasonable distance to the city centre. Good transport links, convenience, and having decent amenities within easy reach are highly regarded.
Lastly, the emphasis on building a sustainable future is a sentiment often expressed by millennials, and more enquiries about renewable energy and solar-powered facilities are being received. If you have solar power installed, or external lighting powered by the sun, then these are things you need to include in your property’s marketing.
For more information on selling your home, contact the professionals on 4628 7444.