As we approach the end of what has been a tumultuous and challenging year, I took a moment to look back on the year that was and share the changes and lessons that brought us through to the other side, stronger than ever.
I now want to take the opportunity to look ahead. The unpredictability of 2021 has shown the importance of agile thinking and future-proof strategies – that working from a solid foundation of business goals while adapting and evolving to suit the market you face.
So, with that in mind, what real estate trends can we expect from the property market in 2021? As you will find out, there is a lot to look forward to for those looking to buy, sell, invest, rent, and lease in the coming year:
The real estate industry’s e-commerce evolution:
Digital transformation has been a rising force of change within our industry over the past decade. This year, it was the make-or-break influence that sustained our business operations through lockdown.
Looking ahead, leading property technology and marketing services will be an expected part of the consumer journey, whether for sellers wanting to reach a wide audience, buyers wanting the convenience of virtual property inspections, or investors understanding the viability of a market.
Although there will always be a place for the traditional open for inspections and auctions, seasonal market analysis and premium customer service from real estate agents, to be successful in our market we must be able to provide a hybrid model with cutting-edge digital options that allow consumers to access property and understand data-led property trends from anywhere in the world in real time.
At Belle Property, we distinguish ourselves as ‘trusted advisors and negotiators’, providing excellent customer service and premium outcomes across every step of a customer’s property journey, supported by 360o digital services.
A whole world of real estate opportunity:
The fallout of lockdown restrictions and more people working remotely has meant that buyers are now looking further afield property options that match their lifestyle, rather than the convenience conventionally found in cities.
This decentralisation of city markets to more lifestyle locations has exploded this year and will no doubt see demand for properties in regional areas continue to be the focus of many buyers in years to come. Regions that offer affordability, strength of infrastructure, and a community culture that retains some of the lifestyle-amenities of larger city life will sustain this boom for years to come.
You can then see why the integration of a hybrid, digital-focussed model becomes even more important for those who may be looking for property from afar and would have never had the opportunity to explore and choose properties based on their lifestyle previously.
Changing customer demand:
Our home has acted as the stage for every scene of our lives this year. Where many of us previously would spend the better part of the working week in the office, a few weeks away travelling, and head out to socialise or exercise, we have spent the last 12 months relying on our home to fulfil all of these things. Given this, I anticipate a few trends to emerge in residential real estate next year:
Firstly, buyers and renters will seek out and be willing to pay a premium for space. Whether a spare room that can be used a as gym or office, the re-utilisation of an empty cupboard into a study nook, or even introducing bi-fold doors to separate kitchen from living in open plan spaces as needed, sellers who can create more space throughout their home will attract the interest of house hunters at every stage.
Secondly, house hunters will be drawn to green space both within the property or in accessible walking distance. The luxury of being able to sit outside with a coffee, or take a walk over lunch, has never felt greater. Access to the outdoors not only provides a great sense of space, but it is also a recreational and relaxational asset to our daily lives.
Thirdly, the absence of travel and the monumental challenges of 2020 have also driven a reassessment of priorities, with many people now making lifestyle-first decisions around their daily lives and home, rather than waiting for the next vacation to indulge. This, coupled with record low interest rates and Homebuilder grants, mean that there has never been a more affordable time for people to commit to a move - whether closer to the beach or down the coast altogether- or an upgrade in line with the desire for more space and outdoor areas.