We thought 2019 was a positive year for real estate in the area, with all signs pointing to an even better 2020 – until the Covid-19 Global Pandemic reached us. Despite the changes this brought to the property industry, it has strengthed quite a few of the property trends experts were seeing come through, not just locally but in the greater region also.
Shared Co-Working Spaces
There is a growing trend of independent business people opting to rent a co-working space rather than bringing work home with them.
The spaces provide a flexible working space to meet with other like-minded people in a professional environment, and is a more affordable option than renting a whole commercial space.
With the price of real estate going up in some very sought-after areas, we are finding that the younger generation are opting to build smaller homes in the trendy areas for better affordability, or buying in with family or friends to live in the location they desire.
Growing Sense Of Community
I’ve noticed a shift in all types of real estate (excluding industrial) towards a sense of community.
Estates are incorporating playgrounds and parks into their masterplan, shopping centres are removing rentable space to add more common areas and lounges.
The rise of co-working and co-living is also consistent with this theory. Next on the radar is the concept of micro-communities.
The impact technology has on real estate will become more and more visible.
Property technology is a game-changer for how agents, brokerages and investors work, also impacting what buyers, sellers, tenants and investors should expect. Information is easily accessible at any time of day.
More properties are being made available as short-term rentals. When managed correctly, this trend can generate higher revenue per square metre, but needs focus to keep properties rented due to higher turnover.
Emma Bauer is the owner of Coastline Realty. She also has experience in conveyancing and interior design. www.coastlinerealty.com.au