The Australian real estate market is constantly evolving, with new trends emerging every year.
In recent times, the industry has seen a shift towards sustainable and eco-friendly housing, a growing demand for apartments and townhouses, and a rise in remote working, which is changing the way people think about location and housing. In this article, we will take a closer look at these trends and their impact on the Australian real estate market.
Sustainable and eco-friendly housing
One of the biggest trends in the Australian real estate market is the shift towards sustainable and eco-friendly housing. With increasing concerns about the environment and climate change, more and more Australians are looking for homes that are energy-efficient, environmentally friendly and sustainable.This has led to a rise in demand for homes that feature solar panels, water harvesting systems, green roofs, and other environmentally friendly features. Additionally, many new developments are being built with a focus on sustainability, including the use of eco-friendly building materials, smart home technology, and environmentally conscious design.
Apartments and townhouses
Another trend in the Australian real estate market is the growing demand for apartments and townhouses. This trend is being driven by several factors, including the increasing cost of housing, a desire for low-maintenance living, and a desire for a more convenient and urban lifestyle.Apartments and townhouses offer a cost-effective alternative to traditional single-family homes, and provide a more affordable option for those looking to enter the property market. Additionally, they offer a convenient and low-maintenance lifestyle, with amenities such as swimming pools, gyms, and communal gardens.
Remote working
The COVID-19 pandemic has had a significant impact on the market, with many people now working from home as a result of remote work policies. This has changed the way people think about location and housing, and has led to a rise in demand for homes that offer a comfortable and convenient workspace.Additionally, many people are now looking for homes that are located in areas that are well-connected to the internet, as well as those that offer ample space for a home office. The arrival of internet services such as Elon Musk’s Starlink will make almost anywhere in Australia a viable place to live.This trend is expected to continue as remote work becomes increasingly prevalent, and is likely to have a lasting impact on the Australian real estate market.
Structural shift in regional demand
Currently it seems that more and more Australians are willing to base themselves outside of the nation’s capital cities. Predictions that the pandemic exodus from cities would eventually result in a return to our cities for their infrastructure and cultural advantages appear to be incorrect. The resilience of regional prices compared to capital city prices, during this current downturn, has been stronger.So, although the market continues to evolve and change shape, low levels of housing inventory continue to be a feature of the market, nationally. However, demand for housing has also fallen away, with capital city dwelling sales over the past three months estimated to be 29.4% lower compared to the same period last year, and 11.5% below the 5-year average.