Property Trends Part 3: Re-imagining people, products and services
We spoke with industry leaders to get their insight on what shifts will occur in property throughout 2021. It’s clear that with enhanced expectations from purchasers and a booming FHB market, property professionals must be prepared to deliver on their promise and exceed expectations to stay ahead of the competition.
Here’s what the experts had to say:
1. Changing expectations of products and services
People’s expectations of property products will shift as they re-evaluate what’s really important to them. With months spent in isolation throughout 2020, home buyers have a clear idea of what they want their new home and location to offer:
– More space and bigger backyards
– Additional rooms for at-home work and study
– Local parks and walking tracks
– Local facilities and amenities that provide convenience and enhance lifestyles
– Genuine quality
“We need to be prepared to reshape the types of products and services that we offer. As we return to some sense of normal in 2021, it’s timely to take an honest look at the way we go about our business, our customers’ changing needs and new resources available to us to better shape how we can stay a step ahead and thrive in a post COVID environment.”
Anne Baker, Director – Two Crowns Marketing
What this means is developers and builders alike need to clearly communicate how their products deliver on quality and enhance the lives of homeowners, or risk losing out to the competition. After a year of uncertainty, purchasers want to be certain about their future purchase decisions and property businesses need to be prepared to deliver on their promise and exceed expectations.
“There will continue to be a flight to quality with so much uncertainty…in markets like this, people move away from smaller developers and towards more trusted brands that they believe will retain more long-term value.”
Anne Jolic, Head of Development – Retirement Living Lendlease
2. A booming First Home Buyer (FHB) market
2020 would have been a difficult year for renters and house-sharers whose homes didn’t accommodate for their lifestyle needs during isolation. This means we’re likely to see more renters opt to buy or build their own home – one that effectively responds to their needs and delivers a great living experience. Intensifying this strong First Home Buyer presence are low interest rates, grants and incentives offered by developers and builders to mobilise the market.
“I think we are going to see the first home buyer being stronger than ever…I also think that the downsizer market will be equally strong as they reprioritise what’s important and what’s not. Plus, they are still seeing strong prices and short selling times for their existing homes as first homebuyers snap them up.”
James Kelly, Managing Director – Lifestyle Communities
For more key insights, read our PRX Magazine: The 2021 Trends Edition.