1. Increased Demand for Regional Property

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These last few months have shown us that working-from-home is not only possible, but very desirable for many people. In the future, many workers will seek to become permanently home-based or will work from home for some of their week. Regional areas within commuting distance to the city will become very attractive as people seek a simpler lifestyle - think Ballarat, Geelong, Yarra Valley, the Dandenongs. Cheaper property prices in these locations will appeal to Millennials who are first time property buyers, as well as empty-nesters who are seeking to downsize thanks to a dilution in their superannuation.

For those in a secure financial position, the purchase of a holiday home in a coastal or regional town will likely become more attractive. If work can be done from “anywhere”, why wouldn’t you want a place to escape? All you need is your laptop and a good internet connection!

2. Work From Home Affects Property Design

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With more time spent at home, interior design needs to reflect the changing needs of homeowners. Fully-functional home offices or study nooks are a must-have, with some even considering kitting out a multimedia studio to allow for professional video calls and recordings.  

Home gymnasiums are another possible addition so that people can stay fit and safe in the comfort of their own home. Multi-purpose spaces for the family will be important as homeowners envision a place to work that is adaptable and pleasant. Having a garden space to enjoy and grow vegetables in could also be appealing for people who are keen to get back to basics.

3. The Rise in Multi-Generational Households

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Financial uncertainty and job losses could bring families back together under the one roof. Adult children who previously moved out may return to the family home to save some extra cash. Older Australians who own a business that has struggled through COVID-19 or are not coping financially may seek to move in with their children and grandchildren. Any home extensions required to accommodate the expanding families could possibly be funded by the government’s HomeBuilder program.

Has this been a thought provoking piece for you? If you are considering a move, please reach out to Melinda at Thrive.