What are buyers looking for in 2021?
As our work and lifestyle needs change, buyers are reconsidering what’s most important to them in their next home.
There has been an exceptional amount of activity in the property market this year. With international travel off the cards and uncertainty around border closures, people are spending more time at home, than ever before.
It seems Australians have money to burn but can’t spend it how they normally would.
An overseas holiday is a distant dream, new cars are at a premium due to a shortage of supply, and entertainment options such as live music, festivals and events are limited.
Coupled with record low interest rates, people are motivated to buy a home that better suits their changing lifestyle needs.
In a recent survey conducted by realestate.com.au, it was found that 76% of Australians made changes to their home or life, during lockdown.
Additionally, 50% of Australians indicated they would like their home to have different features.
What features are buyers looking for in a home?
The Property Seeker Survey revealed the following top features buyers are looking for in their new abode.
More Natural Light
The most important feature buyers are looking for in 2021, was more natural light.
As people focussed more on their home and wellbeing, their desire to connect with the natural environment increased.
Wide windows framing leafy surrounds as well as north facing living and entertaining areas, were sought-after features in today’s property market.
More Living Spaces
Buyers are also searching for additional living spaces in their next home.
Particularly important for growing families, buyers are realising a need for a variety of living zones.
Multiple zones allow adequate room for everyone to relax and unwind with privacy.
Larger Outdoor Spaces
Although buyers seek space for the family to unwind, they also want an area of the home which will bring everyone together.
In Queensland, this has always been the outdoors. Generous entertaining areas, sundrenched pools and apartment balconies are highly sought-after.
Home Office Space
It’s no surprise that as people adapt to more flexible working arrangements, purpose-built studies and home offices are high on many buyers’ checklist.
The word “study” is now the most searched property feature on realestate.com.au, with buyers looking for homes that are equipped for both work and lifestyle.
Who is looking to buy property?
Families upgrading their home continue to be the most dominant buyers in the market at the moment.
Throughout Brisbane’s inner-western suburbs, these buyers are predominately searching for 4+ bedroom homes priced between $1M to $1.5M.
As their children grow, school catchment zones and proximity to educational facilities is of particular importance.
First Home Buyers
Low interest rates and government incentives, which are often adding up to thousands of dollars in savings, has driven an influx of First Home Buyers.
Property investors have made a comeback in 2021, accounting for 19% of all buyers as they dip their toes back into the market.
Between February and March, investor lending rose by 12% which is the highest increase we’ve experienced in many years.
In the current market, investors are favouring large lot houses over inner-city apartments which were a previous favourite, as well as original houses on land with development potential.
There are buyers looking for homes like yours
Understanding who is in the market and what they are looking for in a property, is the first step towards realising your home’s true potential.
After almost 20 years in the industry, we have developed an extensive, in-depth understanding of what different buyers are looking for, across the various property types located in Brisbane’s inner-western suburbs.
We help owners prepare their homes so that they appeal to these buyers and highlight the features we know they will see value in.
By doing this, we help our clients achieve their price, not just a market price.
Valuable insights for your home
Every home is unique. Book an appointment with Byrony to gain valuable insights about who is in the market and what they will be looking for in your type of home. Call Byrony today on 0412 132 480.
Buyer insights published by realestate.com.au 2020 Property Seeker Survey.