Does PR increase with age?

Who knows.. May be age does matter according to google's algorithm but the most counting factor are the quality backlinks.

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It doesn't unless your the amount of back links you have goes up. If you loose backlinks your PR will get lower.

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This is something new that I've never heard before. Personally I don't think as it goes with age, the PR will increase. There are new sites which are getting a lot of visitors and with great links have higher PR than those old sites.

The age of the domain is a factor used by google's algorithm to calculate PR, but it would be completely useless having an old domain and no backlinks or content. However, if two sites had exactly the same amount (and quality) of content and backlinks, but one was several years older than the other, the elder may have a slightly higher pagerank. That's how I understand it anyway

Well age do plya a factor but unless you have some good quality back links it wont effect. But age do play factor in ranking of the site if optimized well.

Yes It does. So most of people are buying domain names and just park it for sometime. I am just wondering, if the Google's algorithm changes and says that age of domain doesn't matter anymore. I mean we (Websites) all depends on Google's Decisions.

I believe it does. I think so because I built a site and worked hard to promote it. It earned a PR3 and I stopped promoting it and was offered a good price so I sold it. The new owner did nothing but change my site into a blog with my original content and left it alone. On the next update it received a PR5.

Now I may be wrong about the age because of factors could have effected the result. For example, the back links I built could have increased in PR and passed on the juice. However, I still believe that age does have some effect.

I dont think we will ever really know. However in my opinion a site that has been around for 3 years will get some sort of pagerank.

PR does not necessarily increase with age but there's a higher chance established sites can get higher PR. It all depends on your backlink and how you work out on the SEO> If you have a site with zero backlinks, there's a high probability that it can ranked lowly even though it is 5 years of age.