Demographics, which describes the
composition of a population including population growth, structure, migration
patterns, and income growth.
These factors are significant drivers
of what types of properties are in demand and how property is priced.
That’s because the demographics of a
population determine not just how many people there are, but how and where they
want to live.
So it’s not really about population
growth as much as it is about household formation which is the key here.
And immigration flows into this as
well.
Australia’s immigration policy of
selecting skilled workers at the family formation stage of their lives is a
significant driving factor for our housing markets, as is our education system
importing hundreds of thousands of international students.
Of course, Covid caused a
structural-demographic change that will affect our housing markets moving
forward.
Not only has the pandemic-induced
work-from-home movement changed demographics significantly – but as many
workers are able to work from the comfort of their own homes and save on
commuting, this means they need the extra space.
The importance of the neighbourhood
was reinforced.
For many it’s all about ‘living
locally’ – having the ability to meet most of your everyday needs within a
20-minute walk, cycle, or local public transport trip of your home.
RealRenta has all the tools that a property manager has but for
less than ¼ the cost of a property manager.
Join now and the cost is less than a cup of coffee a week to manage your
rental property.
RealRenta also has a free vision, so why not check it out
Jason Gwerder
Tuesday, 12 September 2023
