If there’s a particular demographic that’s under the spotlight of realtors, that would be the baby boomers. Given that most members of this generation are at their retirement age, they are truly shaking up the estate market as we know it.
Interestingly, there’s one particular trend that boomers seem to love at the moment: low maintenance homes. But this isn’t just about buying a property without a lot of upkeep to do. There’s more to this than what it seems.
The Suburban Shift
Other than stirring the competition in top suburbs in the country, boomers are keener in buying large properties and demolishing them. The demolition is for them to rebuild smaller houses that require less upkeep in the future.
Experts have weighed in on why we’re seeing this trend. Many say that while retirees do have the time to manage a home, they no longer have the same physical capabilities than when they were in their 40s. Retirement, after all, is more than just the departure from the workforce; it’s also a time to adjust for different changes and shift back to simpler lifestyles.
The whole idea of reconstructing smaller houses makes sense, too. Roof restoration experts from Permacoat cite that it’s a lot easier to maintain a newly constructed roof than look for possible flaws that roofs on existing houses currently have.
The Rise of Renovations
The boomer market is also one of the key drivers in the apparent rise of the renovation market. Sure, the DIY market, first time buyers, and economic conditions all have a contributed to this, but the boomer market presents a much more significant impact in this aspect.
The suburban shift mentioned earlier is evidence of changing housing preferences amongst (soon-to-be) retirees. And that’s good news for the housing market, especially when it comes to renovations.
The housing market in Australia may not be at its prime, but it is still in good shape. These investments in newer, smaller homes pave the way for greater improvement in the sector. What’s even better is that the trend is very likely to stay, especially with the number of retiring Australians in the next few years.