The Millennials, Gen Y and my favorite, ‘everyone gets a trophy generation. Let’s face it; they have been branded many names by the generations which they have proceeded but are we really that bad?
Every generation has their pros and their cons, their positives and negatives. Currently, we are living in a technology ridden world where everything can be accessed via the palm of your hand and if it can’t? It will be shortly. Let’s face it, Millennials are at the fore-front of Social Media. They are the most marketing-savvy and advertising critical generation that has come through the ages. The concept of Social Media is the case in point. Social Media outlets such as Facebook, Twitter and Instagram have brought the world closer together and allowed people to communicate on different levels. Gen Y or ‘Millennials’ are naturally drawn to this way of communication as it allows us to communicate not only to people who we know, but to audiences on a larger level. My favorite story is how a friend of mine, also in real estate, sold a property via twitter. Imagine trying to explain that to the Baby Boomers.
I touched on how Millennials are attracted to this platform and I thoroughly believe that this can be put down to our generation being the most educated. It’s mandatory for every child within Australia to be gaining an education up until they are 16. With greater education ensures people to make better decisions in life for themselves but also the people around them. It also enables us to be more financially sound and to secure ‘The Great Australian Dream’.
Millennials grow up and what to have what our parents had and more. We want to own that house or that car but due to an ever expanding population, overseas competition and other external factors, it feels just that little bit harder. In the current real estate market, with prices sky rocketing, it feels that first investment property or future family home is moving further and further away. To help get the youth into the real estate market, ideas have been trust into the ring but by potentially deferring taxes such as stamp duty ensures that this generation has a chance to dip their foot into the real estate world. This maybe something that the governments have to consider to ensure that the millennials have a fighting chance in this market.
In previous posts, I have touched on how the local area is expanding with new high density developments finishing and how the area is evolving. Inner-city living is on the rise and Victoria Park is in the thick of it. In many high density developments, the sense of solitary can be evident but this is not the residents fault. In many cases, this can be put down to the overall landscape of the community and the way it has been designed. This is why Victoria Park is different.
With the addition of the new developments, the difference between Victoria Park and previous urban renewal projects is that the small district has not become a ‘high-rise haven’. Yes, there are numerous towers reaching towards the heavens but by ensuring that the local nature reserves such as Joynton, Tote and Nuffield Parks has provided that the space is different from previous redeveloped areas and that it allows that sense of community. By having these parks in place throughout the community, establishes the sense of a social neighborhood. It allows for public events to take place which adds to that sense of community. Lets be honest, there is nothing better then socializing with friends and having a barbecue on a summers day and having this with in walking distance of your own home creates the vibe and buzz which Victoria Park is striving for.
With the natural park lands added with the modern facilities such as the East Quarter Market Place which is set for completion in the near future, Victoria Park is becoming its own community. Not only is it becoming your standard residential community but it’s an area which has “heart and soul”. It’s a place where you want to live and somewhere that you want to be apart of. It’s creating that new sense of community.
As we make our way into the Autumn for 2014, the current trend has followed that from the booming end we had to last year. With auction clearance rates above 80% for the 5th straight weekend after last Saturday, the question which has to be asked is, Can this boom keep continuing for 2014?
With the low interest rates, low Australian dollar coupled with First home buyers, Down-sizes and the much publicised ‘Overseas Investors’, it does appear that the trend will continue to rise steadily. However; it would be highly unlikely to see the growth exceed into the double figure range as it did towards the end of last year. There have been some bullish analysts who are predicting towards 20% increases within the greater Sydney market however; anyone can make brash predictions at the start of the calendar year.
So, what does this mean for Victoria Park & Zetland?
With a steady amount of properties currently on the market within Victoria Park and Zetland, it is evident that the supply is there and as mentioned before with the first home owners, down-sizes and overseas investors, the demand has followed. It is safe to say that we are in a sellers market with numerous properties throughout the area exceeding reserve prices and clearing them by the tens of thousands and in some cases, more.
With new developments set for completion throughout Victoria Park in 2014, it will be interesting to see what this effect has on the market. Personally, even with the added supply, I do not believe this will dilute the market as the demand is out there. Having spoken to people within the industry, it does make for exciting times within the area but only time will tell…..WATCH THIS SPACE!!!