Is the Great Australian Dream dead? 

Not entirely, but young Australians are rewriting the narrative that happiness lies in owning a three to four-bedroom home with a large backyard, white picket fence and children in tow. 

With rising property prices, coupled with the burgeoning cost of living, home ownership is declining from around 70 per cent (1990 figures) to around 64 per cent today.  

Despite these statistics, young buyers remain optimistic about getting a foot on the property ladder, swapping a house in the suburbs for something more attainable – apartments and townhomes that are closer to the CBD, with all the amenities one could ever want or need. 

Here are a few other factors that are enticing millennials and Gen Zers to consider purchasing an apartment or townhome instead of a detached home. 

They care about sustainability and the environment 

The environment remains a top concern for those in the millennial and Gen Z age groups. According to recent data from Deloitte, issues like climate change and the environment are the number one priority for the Gen Z age demographic, and the third biggest priority for millennials. It makes sense then that younger people are turning their back on big houses in the suburbs in favour of new builds that have improved sustainable features, and are located close to public transport options so they can reduce their carbon footprint. 

Young Aussies are settling down later in life than previous generations 

People in the millennial and Gen Z age groups are choosing to settle down later in life compared to their Gen X and Baby Boomer counterparts. In the early 1970s, the median marriage age was 23.4 years for men and 20.9 years for women. In 2020, the median marriage age for men was 30.6 years, and women 29.2 years2. Factors behind an increase in age include travel and career opportunities, a declining interest in religion and wanting to reduce debt before settling down. The decision to settle down a little later in life is a contributing factor as to why younger Aussies are opting to purchase an apartment or townhome, as they typically require less bedrooms and less of a deposit. 

They don’t have time to maintain a backyard 

Young Aussies are working more than ever before, with workers aged 18 to 29 clocking up 8.17 hours of unpaid overtime per week.3  With an increased workload, young people have less time to complete domestic chores such as mowing the lawn, cleaning the pool or maintaining the garden. With most apartment and townhome complexes having maintenance staff to complete these tasks, it’s little wonder that buyers in this age group are turning their back on traditional housing that requires a lot of maintenance and upkeep. 

Brickworks Park offers first home buyers a luxury solution 

If the traditional ‘Great Australian Dream’ does not fulfill you, why not rewrite the narrative and choose Brickworks Park as your future home? With a range of premium, affordable apartments and townhomes that boast less maintenance and more sustainability features than traditional homes, purchasing at Brickworks Park has never been so desirable for young Brisbanites.  

As a brand-new development, you may also be entitled to financial schemes such as the First Home Buyers Grant, which makes it easier for you to get your foot on the property ladder sooner. What’s more, the Brickworks Park neighbourhood has all the amenity one could ever want – or need – without the hassle of maintenance. 

Brickworks Park has already experienced popular demand, with construction of Stage 1 now in progress. 

To find out how you could call Brickworks Park home, call the Position Property sales team on 1800 861 868 or register your details here.