The Australian baby boomer can be defined as anyone born between 1946 and 1964. They are an iconic generation within our nation’s history that defined our Australian dream. This period saw prosperity in economic growth, industrial manufacturing and ultimately population growth. It is estimated that over 5.5 million Australian babies were born over this period – the most significant event of population growth in the history of our nation at the time.
The effects of our baby boomer generation are well and truly being felt, with a larger number of residents than ever now heading into retirement. Australia’s population is one that is ageing rapidly, and it is becoming increasingly evident throughout our economy. Since just 1970, the average Australian’s age has risen by 10 years, to a median of 37.8 years old. This rapidly ageing population can be attributed to longer life expectancy, heightened quality of life and increased health services across the nation over the last 50 years.
Data collated by the Australian Bureau of Statistics represents just how much this demographic trend has shifted in our country, and what it will mean for our housing going forward.
Non-Private Housing in Australia – 1991 (Source: ABS)
In 1991, just 134,000 Australian’s were housed in aged care and nursing homes. In our current environment, only 25 years later, over 1 million residents are housed by aged care facilities and nursing accommodation. Representing growth of over 600%, this figure has far outgrown the rest of our population.
What does this mean for young Australian’s?
More and more Australian’s every year are heading into retirement, with nursing homes becoming a larger source of housing for Australian’s. There is an increasing need for Australian buyers to plan for their retirement and invest their money wisely, to achieve an appealing lifestyle well after retirement.
As Australia’s population continue to boom, residential property will remain as the instrument of choice to grow wealth effectively. To understand how you can invest your money successfully, get into Blue Wealth today and get educated.