Babyboomers driving the Sydney residential property market.

Retirees are driving the Sydney property market, with the babyboomers now choosing medium and high density housing, according to BIS Shrapnel, as reported in the Sydney Morning Herald on 7th march 2011:

"Baby Boomers will continue to be the main drivers of Sydney's residential market over the next five years with their take-up of medium- and high-density living. The generation of ageing, downsizing owner-occupiers - rather than younger renters - is expected to occupy an increasingly larger proportion of units and townhouses as the population ages, the real estate research firm BIS Shrapnel said.

''Activity in the Sydney residential market has largely been driven by the passage of the baby-boomer generation - firstly in the 1970s and early 1980s as first-home buyers and then as second and subsequent upgrading from the mid-1980s to the present," the BIS Shrapnel managing director, Robert Mellor, said.

"With their children having left the family home and retirement approaching, I expect this group will become an increasingly important source of occupier demand for higher-density dwellings between 2011 and 2015.''

To read more click here: SMH 7/3/11