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BOOMERS VS MILLENNIALS: WHAT DO THEY WANT IN A HOME? · The Real Estate Show

• 0:00
  Speaker 1: Well can you? And I are very lucky in that we.
• 0:02
  Speaker 2: Get to look at different homes, you know, for our
• 0:05
  Speaker 2: show for Property of the Week, we get to go
• 0:06
  Speaker 2: and visit some and look at them in person.
• 0:08
  Speaker 3: And with the videos that I do with Zango as well,
• 0:10
  Speaker 3: I get to go out and experience all sorts of
• 0:13
  Speaker 3: different properties and meet the agents and sometimes the vendors.
• 0:16
  Speaker 2: Yes, and you're you're always in amongst it, and so
• 0:18
  Speaker 2: we're often having chats about I like this would like,
• 0:21
  Speaker 2: I don't like.
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  Speaker 1: This, this is what I would want, this is what
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  Speaker 1: I wouldn't want.
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  Speaker 2: But what does that look like when it comes to
• 0:27
  Speaker 2: the different generations if you're a boomer, millennial, gen z
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  Speaker 2: whatever it is, do the preferences differ a lot?
• 0:35
  Speaker 3: And so we're not going to sit here and rip
• 0:37
  Speaker 3: the pin out of a hand grenade and toss it in.
• 0:41
  Speaker 4: Massive war. Yes, but it is interesting, isn't it, Lady.
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  Speaker 3: I think we spoke about this last week, you know,
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  Speaker 3: with the generations and the way that they change and
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  Speaker 3: the different needs and wants, and I sort of look
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  Speaker 3: at it most times and go, you know.
• 0:52
  Speaker 4: What, it's okay, Yeah, it's okay that.
• 0:55
  Speaker 3: That generation doesn't do it like this generation yous do exactly?
• 0:59
  Speaker 2: It's completely okay? And how are the different generations doing it?
• 1:02
  Speaker 2: And what kinds of things do they want in a home? Well,
• 1:04
  Speaker 2: there's some new real estate dot com, dot or you
• 1:06
  Speaker 2: data that's come out that looks at all of that.
• 1:08
  Speaker 2: And Ben Dorrington is RIA Group industry editor, joins us.
• 1:12
  Speaker 1: Ben, good morning, how are you?
• 1:13
  Speaker 5: Good morning? I'm great, Thank.
• 1:15
  Speaker 1: You, that's good. Thank you so much for us joining us.
• 1:17
  Speaker 2: Now, look, this is a huge report, fifty one pages.
• 1:21
  Speaker 2: Can you give us like a broad look at the
• 1:23
  Speaker 2: research that was done and what you've put together.
• 1:26
  Speaker 5: Absolutely, it's a big one. And the data shows different
• 1:30
  Speaker 5: generations want different things in newly built homes and that
• 1:34
  Speaker 5: the priority is shift depending on age and property type.
• 1:38
  Speaker 5: So when it comes to newly built houses with land,
• 1:40
  Speaker 5: boomers are all about postcodes and garages, well, gen zettas
• 1:44
  Speaker 5: and millennials want room to live with backyards and bigger
• 1:47
  Speaker 5: block sizes. High up on that lift. And then when
• 1:50
  Speaker 5: it comes to a new apartment, younger buyers are leaning
• 1:53
  Speaker 5: into wellness, with the majority prioritizing buildings with gyms and pools,
• 1:58
  Speaker 5: while all the buyers tend to pref and body corp fees.
• 2:02
  Speaker 5: And then finally, when it comes to where buyers want
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  Speaker 5: to live, all generations want easy access to shopping, green
• 2:09
  Speaker 5: spaces and GPS.
• 2:10
  Speaker 2: Okay, gotcha, all right? Well that Cam and I are
• 2:12
  Speaker 2: sort of sitting here not link nodding along. That kind
• 2:14
  Speaker 2: of check checks out, I think, and a lot of
• 2:16
  Speaker 2: the cases can would you say it has.
• 2:18
  Speaker 4: One hundred percent?
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  Speaker 3: So let's have a little bit of fun with this
• 2:20
  Speaker 3: as we can do with the generations. Okavin, So what
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  Speaker 3: are the two findings of the report that are the
• 2:26
  Speaker 3: furthest apart.
• 2:27
  Speaker 4: From each other? So the booms do this, but millennials
• 2:30
  Speaker 4: do that?
• 2:32
  Speaker 5: Yeah, absolutely, I reckon. It's the new apartment findings that
• 2:36
  Speaker 5: we are compared those wellness facilities, you know, like your pools,
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  Speaker 5: your gyms, disaunas, compared to those lower body corp fees.
• 2:44
  Speaker 5: And that really stood out to me. You know, we
• 2:47
  Speaker 5: saw fifty six percent of Gen zetas and millennials wanting
• 2:50
  Speaker 5: those pools, spars and gyms in new apartment buildings. When
• 2:54
  Speaker 5: we compare them to to body corp fees, got are staggering.
• 2:57
  Speaker 5: Seventy eight percent of boomers and sixty percent of Gen
• 3:01
  Speaker 5: x's want those lower body core fees over the gym
• 3:05
  Speaker 5: and saunas. And I think that what shows us is that,
• 3:08
  Speaker 5: you know, older generations are a little bit more budget
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  Speaker 5: conscious or younger general.
• 3:13
  Speaker 3: Or older generations okay can have lower fees and just go.
• 3:17
  Speaker 4: For a walk. Yes.
• 3:20
  Speaker 2: Then do you know what's funny. I have a thirteen
• 3:23
  Speaker 2: year old daughter who's always saying to me, oh, mum,
• 3:24
  Speaker 2: you're such a millennial, because technically I am a millennial
• 3:28
  Speaker 2: because I googled it this morning and that's the bracket.
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  Speaker 1: I fall into.
• 3:32
  Speaker 2: Now, it's interesting what you say about wellness and everything,
• 3:37
  Speaker 2: because it's making me think I need to start thinking
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  Speaker 2: about the gyms and all these sorts of things because
• 3:41
  Speaker 2: that's what the millennials are saying they want.
• 3:43
  Speaker 4: Right.
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  Speaker 5: Absolutely, I'm in the same bracket, and I'll be honest.
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  Speaker 5: I've got a gym membership and I go to the pool,
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  Speaker 5: so I'm right there with the rest of them.
• 3:52
  Speaker 3: Something that popped out for me, mate, only two in
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  Speaker 3: five people used AI in their searches.
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  Speaker 4: How did they use it? And do you think that
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  Speaker 4: percentage of us is going to change?
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  Speaker 5: Yeah, that's right. You know, people used AI to research
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  Speaker 5: suburbs and properties and They're looking at everything from budgets, lifestyle,
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  Speaker 5: family needs, even schools and crime. They also used it
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  Speaker 5: to compare properties on things like price and whether it's
• 4:17
  Speaker 5: a good investment, you know, as well as simple things
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  Speaker 5: like just simplifying contract jargon, which can be contracts can
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  Speaker 5: be really hard to read. And then in terms of
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  Speaker 5: you know, how people are using it in the future,
• 4:30
  Speaker 5: you know, I think obviously it's hard to say, but
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  Speaker 5: it's going to be likely. And I guess the only
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  Speaker 5: thing I'd add to that is, you know, everyone's thinking,
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  Speaker 5: you know, as people learn how to use AI, you know,
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  Speaker 5: I think people are increasingly thinking about trust. And I
• 4:44
  Speaker 5: guess I'll just encourage anyone using AI to look on
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  Speaker 5: their property journey, you know, make sure you double check
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  Speaker 5: what you're seeing.
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  Speaker 3: Absolutely all right now, just before you leave us, and
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  Speaker 3: this conversation could go on all morning. I'll pick out
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  Speaker 3: some other figures and bring you into the conversation again.
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  Speaker 3: So fifty six percent of luxury apartment buyers, so that's
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  Speaker 3: one point five million dollars and plus choose a powder
• 5:09
  Speaker 3: room over other competing property features such as an extra
• 5:13
  Speaker 3: storage or an additional car park like so Renee.
• 5:16
  Speaker 4: Okay, powder room or garage.
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  Speaker 2: Look, I know I'm technically a millennial, but I think
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  Speaker 2: I must be a boomer at heart, like an older soul,
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  Speaker 2: because I would want the garage. If I know, A
• 5:28
  Speaker 2: powder room sounds great, but I want lower body corepate fees.
• 5:31
  Speaker 2: I want the garage. I want green space. Like they're
• 5:34
  Speaker 2: all the things that I want.
• 5:35
  Speaker 4: Ben, how about you garage your powder room.
• 5:38
  Speaker 5: I'll probably go in the garage as well. We all
• 5:40
  Speaker 5: need space, you care.
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  Speaker 4: Yeah, one, I want two garage spaces exactly.
• 5:46
  Speaker 2: You can set up a powder room in your garage
• 5:49
  Speaker 2: for your wife.
• 5:51
  Speaker 3: All right, mate, that's been a really really interesting conversation,
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  Speaker 3: fifty one pages of it. We could go all morning,
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  Speaker 3: but unfortunately time is against it.
• 5:58
  Speaker 1: Yeah, thank you so much for joining us, going through
• 6:00
  Speaker 1: that with us, it was great.
• 6:02
  Speaker 5: Thank you.
• 6:03
  Speaker 2: That's Ben Dorrington, Ria Group Industry editor of their Camp
• 6:06
  Speaker 2: Fun Chat