Baby boomers affect house prices
The baby boomer generation is expected to have a significant impact on the cost of the Australian property market with data showing this demographic owns the greatest amount of housing assets. The latest Household Wealth and Wealth Distribution report from the Australian Bureau of Statistics helps to illustrate the significant impact.
The baby boomer generation is expected to have a significant impact on the cost of the Australian property market with data showing this demographic owns the greatest amount of housing assets.
Professional economist, Leigh van Onselen, tells the Sydney Morning Herald the latest Household Wealth and Wealth Distribution report from the Australian Bureau of Statistics helps to illustrate the significant impact.
“The ageing of the baby boomers is projected to reduce Australia’s real house price growth by about 30% over the next 40 years compared with neutral demographics,” Mr van Onselen says.
Baby boomers also own nearly half of the country’s housing assets despite only accounting for one-quarter of the population.
Quick stat:
46% of the owner-occupied housing assets are owned by baby boomers, while 57% of other dwellings are owned by the boomers.
What are your thoughts on the future of Australia’s housing market and do you think baby boomers will have a significant impact on it? Share your thoughts by commenting in the box below.
