EVERYWHERE you look, you hear news of the real estate market and how it is going through a massive comeback, with new potential buyers and investors getting a piece of the action.
The following are the top trends that will occur in 2016.
The affordable suburbs
With the cost of living and accommodation on the increase, it is evident suburban areas like Brookside and Kyuna are gaining traction, from first-time home buyers to experienced investors, due to expansive land and affordable housing. The suburbs are offering families, individuals and workers opportunities as more organisations, entertainment amenities and schools are starting to spring up outside the major towns. This shows the suburbs will be convenient residences in future.
The universal housing option
The housing market is influenced by economic and demographic factors as it deals with providing accommodation by the baby-boomer’s generation and millennials – a population making a suburban choice and finding a way to offer affordable properties to support the growing working middle class.
Improvement in Infrastructure
With the growth of the population, cities are seeking to maintain and tackle needs in water supply and distribution, public education, aviation and transportation. This is leading the way to innovative solutions, such as green infrastructure and high-frequency transportation networks. These improvements to infrastructure are considered to be creative solutions of the decade.
Evolution in Development
Change is a constant occurrence in development, equity investment and lending, where being small is powerful too. Some developers find it easy to access sufficient funds while others struggle unless they have an abundant capital. This means those developers are required to find niche lenders and investors who are willing to invest in small projects with access to unique and innovative parts of the business. Lenders and investors find themselves in a predicament and will need to settle on a side – whether small and unique or large.
Attracting the millennial generation
The young generation or “Gen Y” are proving to be more financially savvy than anticipated. The ‘Gen Y’ is a generation consumed by entertainment and technology.
They are hard-working, ambitious and multi-taskers, who are open to diverse sexuality and race. This proves that generation Y home buyers will be less fussy than generation X, and will act faster when they know what they want.
These buyers are critical to success of the real estate agents success as they are the only generation that grew up with the Internet and heavily rely on real estate apps, such as Lamudi.