Australia is changing. Data from the 2016 Census has been released - we provide insights to help you better target today's market.
Just as our appetite for V8-powered cars is shifting towards smaller, more economical cars, what Australians are looking for in other areas is changing too . The 2016 Census reveals that a great deal has changed in Australia over the past 5 to 10 years. As a country, we're getting older and we're less likely to live in a house. Our median weekly incomes have increased, but so too have our rents and need for education. The Census - particularly when combined with data from other sources such as CoreLogic - is a powerful source of information that you can use to your advantage to display your national and local expertise and gain more leads.
Demand from school children and elderly
There are 1.9 million more of us than 2011, an increase of 8.8 per cent.
Primary school and secondary school attendance is up 9.8 per cent and 8.3 per cent respectively on 2011. Tertiary education including universities is up a massive 14% on 5 years ago. As the 1.9 million children currently in primary school progress into a secondary school sector that already supports 1.45 million, education will continue to require increasing investment. Now is the time to start working your contacts for school development work, from new schools to renovations or expansions to existing facilities.
Our population is ageing. There are 664 thousand more Australians now aged over 65 than there were 5 years ago; a total of 3.67 million or 22 per cent. 449 thousand people in that increase are aged 65 to 74, a 27 per cent increase on 2011. And there are 1.3 million Australians aged 60 to 64. Demand for health care, multi-generational living, aged care facilities and senior friendly spaces will be high. Be on high alert for potential aged care facility locations and make sure you have the resources to tender at short notice.
Home Internet and networking
83.2% of households accessed the Internet from home in 2016, a 15.6 per cent increase from 20112. Data needs and speeds are being driven by the continued adoption and increasing use of smart devices and television streaming services4. Smart home applications like Google Home and smart lighting are designed to make our lives easier, but also drive an increased reliance on in-home connectivity.
High-speed fibre networking to the premises will take on increased importance for buyers, especially in greenfield developments and new builds. Consideration should be given in planning and development to multiple wired networking points around the primary residence - particularly in media rooms and offices - as well as in ancillary buildings such as secondary dwellings, sheds and garages.
Medium-density living, and more cars!
Australian families by and large are still living in separate houses, however, the percentage of the population doing so has dropped from 75.6 per cent in 2011 to 72.9 per cent in 20162. This has been made up by a move to semi-detached, terrace houses, townhouses and apartments. Don't just focus on advertising big projects - adapt and retarget marketing material to attract clients wishing to build smaller homes or apartments.
At the same time, even though we've traded our high-powered V8 for a four or six-cylinder sedan1, Australian households have more cars than ever before2. While most households had one or two cars parked at home in 20162, 18.1 per cent had three or more, as compared to 16.5 per cent in 20112 and 15 per cent in 2006 .
Median weekly household incomes have increased $204 since 2011 to $1438. Median monthly mortgage payments have remained about the same as 5 years ago at $1755, however median weekly rent has risen 76 per cent since 2006 and 17.5 per cent since 2011,3. Despite the rent hike, more Australians were renting in 2016 (30.9 per cent), compared to 2006 (28.1 per cent)3 and 2011 (29.6 per cent)2. Whether or not there is a cooling in the investment market, rent hikes point to continued demand and the potential for improved yields.
© Copyright 2018. RP Data Pty Ltd trading as CoreLogic Asia Pacific (CoreLogic) and its licensors. All rights reserved. The data, information and commentary, provided in this publication (together, Information) is of a general nature and opinions expressed in this publication are those of the relevant contributors and should not be construed as specific advice or relied upon in lieu of appropriate professional advice. While CoreLogic uses commercially reasonable efforts to ensure the Information is current, CoreLogic does not warrant the accuracy, currency or completeness of the Information and to the full extent permitted by law excludes all loss or damage howsoever arising (including through negligence) in connection with the Information.
-  McCowen, D. 2015, The State of the V8, Drive.com.au, http://www.drive.com.au/motor-news/the-state-of-the-v8-20150225-13o43z.html, viewed on 3 August 2017.
-  '2016 Census Quick Stats', Australian Bureau of Statistics (ABS), http://www.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/036?opendocument, viewed on 7 August 2017.
-  '2011 Census Quick Stats', Australian Bureau of Statistics (ABS), http://www.censusdata.abs.gov.au/census_services/getproduct/census/2011/quickstat/0, viewed on 7 August 2017.
-  '2006 Census Quick Stats', Australian Bureau of Statistics (ABS), http://www.censusdata.abs.gov.au/census_services/getproduct/census/2006/quickstat/0, viewed on 7 August 2017.