There’s a reason why millennials are my favourite generation:
They are coming of age (at the right age to start buying houses and cars and getting married and spending their money) which drives industries the same way the enormous number of Baby Boomers stimulated the industrial revolution when they came of age after the WW2 and drove one of the biggest booms the world had ever witnessed.
However, millennials have even larger numbers than the Baby Boomers, so their coming of age will drive the technology industry skyward and housing is no exception.
Nearly 50% of all mortgages taken out in 2018 were from millennials buying their first homes or stepping up to their second in the States
As a result, homebuilders are shifting from catering to baby boomers to focusing on millennials.
At the same time, surveys tell us first-time homebuyers haven’t been scared off by the recession talk of last year.
Generally we lag behind the States and the vacancy rate for homes. In the United States it is lower than it has been since 1994 — meaning few homes are available for sale.
That all adds up to the hottest housing market we’ve seen in decades in the States.
But when will that arrive in Oz?
That’s the million dollar question.
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