Young Australian people from the section of the population branded Generation Y have offered a boost to the Melbourne economy by purchasing flats in the city's east side, an expert has suggested.
The Australian property market has been patchy elsewhere, but Melbourne has enjoyed impressive growth as an affluent younger generation keeps its shopping centres active, the Sydney Morning Herald reports.
Fitzroys executive Charles Emmett told the newspaper many Generation Y first-home buyers are moving into the area.
This is having a knock-on effect on the retail sector, according to the executive.
"Retailers are recognising the long-term value in these locations,'' he said, with space being absorbed in two to four months.
A recent study carried out by consumer research firm Foreseechange for the Daily Telegraph found Generation Y are saving more money than they were in 2009, with many of them considering the prospect of getting on to the property ladder.
Posted by Craig Francis
