Baby Boomers lead the way in population growth
Residents aged over 65 accounted for the largest growth of any population group during the last 12 months, according to the Australian Bureau of Statistics.
The group – commonly referred to as the ‘Baby Boomers’ – increased in numbers by 3.7% during the previous 12 months, compared to 1.4% for the ‘working population’, which covers residents aged 15-64.
During the past two decades, the increase in the ageing of the population has become marked. Between 1993 and 2013 the number of people aged over 65 has increased from 11.6% of the population (2.1m residents in 1993) to 14.4% last year (3.3m).
The ageing population will be a catalyst for a change in housing. Recently, LJ Hooker released a white paper, The (new) Australian Dream, which highlighted the ageing population and its impact on housing in Australia.
Once the children have moved out, Baby Boomers no longer need the space of a large family house. Added to this, they’re also keen to engage in activities.
Therefore, Baby Boomers are increasingly looking to apartment living on the fringes of the city which offer amenity and convenient access to services, restaurants and shops. They use the cash from the sale of their family home to buy something with less upkeep, and possibly place some money into their retirement as well.