A leading Architectural practice has combined with a property research company and an advertising agency to identify what types of homes the four key generations will be looking for over the next five to ten years.
For example Baby boomers born between 1946 and 1964 fit into the following category.
-They are generally too independent to live in a medium density development but are happy to buy an investment property in one.
n They need lots of space to accommodate their children at home and even more space to get away from their children in the house.
n There is a high proportion of divorcees in this age group which doubles the demand for the number of households, but halves their purchasing power.
-They welcome Zero lot homes and sophisticated forms of townhouses on waterfront, golf courses or other high profile sites.
-They are style and brand conscious and rate residential and personal security high on the priority list.
-They need space for their diverse interest and their toys which range from motorcycles and jet skis to home entertainment systems and sports cars.
-They are very late savers but shrewd investors, capitalising on all opportunities.
-They want it and they want it now.
This sort of information is important for people to know who are renovating to sell to a certain type of market, and imperative to developers so they can work out a successful product mix.
Baby boomers also have a reputation of spending their accumulated wealth rather than handing it down to their children. They are known for traveling the world, and buying luxury low maintenance apartments with water views.
There is a huge accumulated wealth amongst this generation as their parents are no slowly passing away leaving them property that has gone through many booms, and in most cases has no debt attached to it.
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