A growing number of young people are choosing to rent apartments rather than investing in Australian property from an early age, thus changing the demographic makeup of the market, an industry expert has suggested.
Speaking at a Citi Investment conference in Sydney, Adelaide Brighton chief executive and managing director Mark Chellew said this means it is likely a slight upturn rather than a boom will occur in the market because of this paradigm shift.
Adelaide Brighton is one of the country's oldest and best-respected providers of building supplies, reports Property Observer.
"I think younger people are deciding to have children much later; they are deciding to stay in apartments and they are staying at home longer," explained Mr Chellew.
This could lead to a reduction in the number of first time buyers, widely seen as critical to fluidity in the market.
However, a new report from The Commonwealth Bank-Mortgage and Finance Association of Australia recently suggested that this could be a great time to buy a house in the country.
Posted by Steve Douglas
