Each year we see unique trends in the Victorian property market. Some trends have a short life, while others live on as permanent additions to the way we buy, sell and rent property. Since the effects of COVID-19 impacted the property market from early 2020, we have seen some key trends emerge that are likely here to stay.
As an astute property buyer and investor, it is critical to understand these trends as this can impact what types of property you purchase – and which types you avoid. So, what are the property trends that are likely here to stay?
Relocating the family home to begin a new lifestyle.
For many Australians, the social effects of isolation, working from home and home-schooling have changed the way we all use our homes. The COVID-19 pandemic has also made many of us think critically about where we want to live and our preferred lifestyle.
Since early 2020, there has been a significant shift towards affordable and desirable lifestyle locations. With greater flexibility to work remotely for many, buyers now have more choice over where the family home can practically be located.
This has been driven by many Australians’ desire for greater internal and external space as they embark on their dream of a new-found sea or tree change. This trend is likely to continue throughout 2022, however as strict lockdowns are behind us, the steady stream of residents exiting major cities may slightly reduce. In fact, this may lead to a trend where families chase a new lifestyle property, yet purchase or rent a smaller property in a metropolitan location to keep as their “city-home”.
One parent, or both parents, continue working from home.
Prior to COVID-19 very few of us regularly worked from home. Working remotely was for most, a one day a week occurrence. However, the global pandemic has brought about this incredible social change – where it is now commonplace to work, in some cases full-time, from home.
For almost two years, many Australians’ have embraced working remotely, with many not looking to give up this new convenience and lifestyle any time soon.
This means, that buyers will continue searching for homes with key features like a private study, extra rooms and additional space to accommodate the shift in working environment. However, as restrictions steadily ease and CBDs re-open, many Australians may develop a weekly routine where a few days are spent in the office – even half-days – and the remaining week is spent working remotely.
Upgrading the family home in favour of additional liveable space
Each day we create memories and precious moments within our living spaces at home – within backyards, swimming pools, decks etc. The importance of desirable living spaces has dramatically increased recently – from functional patios, alfrescos, bigger backyards and pools – our homes themselves, and our home’s location, now strongly influence and facilitate our lifestyle.
The “upgrading” trend is one that is very likely to continue, with many people able to capitalise on the additional equity within their current home, to now make the move to somewhere that better suits the lifestyle needs of their growing family.
Virtual tours and staging are here to stay.
During the peak of Victoria’s lockdown restrictions, many buyers were choosing to view properties virtually with video tours due to safety concerns. Mobile technology has now changed how people can view and assess which property to buy or rent. It is very likely virtual tours are here to stay since they have made browsing homes much more efficient, especially if the home is not in a nearby location.
In addition, staging (even virtual staging) has been immensely successful over the past 18 months. A home which is not styled or furnished, does not always showcase the floorplan and true potential – which may negatively impact a buyer’s perception of the home and limit the offers a vendor may receive. To learn more about how to style your property for sale, and ensure it stands out from the competition, see our article How to ensure your property stands out from the competition.
Property will continue to be a valuable asset in the eyes of Australians.
For decades now, property has been the great Australian dream – and with sentiment high, and interest rates currently low, many people are seizing the opportunity to create their own dream; by either buying their first home and entering the market, or upgrading their home to a new lifestyle location.
While the price growth we have seen across the Melbourne and Regional Victoria market has been incredible over the past 12-months, it is likely the price growth will moderate throughout 2022. With states’ borders reopening and property prices already at an all-time high, vendors who are considering selling their well-presented homes are now taking the plunge, which will result in a more balanced market as supply catches up to pent-up demand.
However, it’s important to remember that properties located in areas with connectivity to social hubs, good transport, schooling, will continue to become more appealing long-term. Remember, housing and property is a long-term game and can help to significantly transform your life. To learn more about how property can transform and future proof your life, see our article here future proof your life with real estate.
Always seek advice from a trusted professional.
Purchasing and investing in real estate is exciting and when done well, can significantly transform your life. Your local One Agency specialist, lives and breathes real estate in your area and has insights into exactly what is happening in your community.
Now is a great time to get started on your property journey, or continue climbing the property ladder, as interest rates are at an all-time low. Our agency is also seeing high-quality family-oriented supply begin to come onto the market, and this is set to continue as we progress through summer.
To learn more about the benefits of real estate investing and what prices may do long-term, please contact us at One Agency. With One Agency being one of Mildura’s most trusted real estate agencies, we are well placed to provide you with our view of the current market based on our local experience. We’ll thoroughly guide you through the process and help you take advantage of this opportune time in the property market.
