The New Reality of Property
COVID has undoubtedly reshaped the property market. Two separate studies which include one global survey of 160 developers across 22 countries (including Australia) and one local survey by the Australian Housing and Urban Research Institute, both highlighted "unfolding design and urban planning responses to COVID".
The studies concluded that almost 6 in 10 global developers have delayed projects as a result of the pandemic while more than 4 in 10 of these delayed projects are making changes to designs that were once considered complete.
While there is a noticeable preference for owning a house with three or more bedrooms in the surrounding suburbs of capital cities, there is also a notable preference for regional living, especially considering the normalisation of remote work in the current sphere.
In the developer realm, there is a shift in focus to the COVID-19 desires, including a need for media rooms for home offices, green spaces and an increasing blend of residential and commercial mixes within the area.
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