I wouldn't write the Gen Y's off just yet . As their age group is from 20 to 33 , they are probably only just entering the house buying age group .
In my local area , albeit a very small sample , Gen Y's have been buying and renovating old houses . These are the very houses that the Gen X's turned their noses up at in the previous decade . I'm not sure whether it's as a result of the gfc but it's definitely a trend I have noticed .
You can't ignore the fhb statistics but I wouldn't mind seeing how it plays out over a longer period . Life is vastly different compared to 20 years ago . Gap years , multiple careers , cheap overseas travel and employment opportunities , living at home till you're 35 etc etc are altering society and real estate will be affected by that .
There is no doubt that Gen Y's are different to Gen X's in how they see life but I am very encouraged in what I see . I'm tipping that Gen Y's might just leave Gen X's in their wake . We're probably only just entering the period where Gen Y's are going to have a real impact on life in general .
