“Tuesday 15 November 2022 is the day the United Nations predicts the world’s population will tick over the historic 8 billion milestone.” Mark McCrindle
What a significant milestone for our world population and at the current birth rate, we are expected to reach a world population of 9 billion in the next 15-years. McCrindle Research has released their latest finding on population trends, with a focus on the speed of growth and the emerging generations who will greatly influence the way the world is shaped for years to come.
If we look closer to home, Australia’s aging population means that Millennials are fast replacing Baby Boomers as the drivers of our economy. Millennials now account for 34 of our total workforce. They are in their prime years for income generation and purchasing their first homes and investment properties. From a lending perspective “Millennials currently make up 54.6 per cent of all homebuyers in 2022” according to the ABS.
Though the entry point into property is a lot higher than that of their parents, embracing speed, research and technology mean that Millennials are also thinking outside of the box when it comes to property. They may be buying their own homes or priced out of their desired markets and opting to rentvest instead. Their aim is to optmise their savings and grow wealth rather than leaving cash sitting in the bank. Millennials are an empowered generation with information at their fingertips and an emphasis on connectedness, so when it comes to property investing, having the speed to access information and make smart decision is paramount.
If you are a millennial or know someone who has been wanting to crack into the property market, share this article or get in touch with our team on 1300 449 974.