COVID-19 has shifted how our homes are used and the old property mantra of location, with a new focus on three elements; space, amenity and connectivity. This is set to benefit investors whereby the strengthened design only enhances possible renting opportunities.
As demonstrated by numerous Melbourne lockdowns, residents and investors have realised the importance and necessity for space. Quoted by Andrew Shirley in the Knight Frank's 2021 Wealth Report 2021, “Space is probably the one amenity most missed by urban dwellers during lockdowns, leading many to look for a new home in the countryside.”
As a result, ‘proactive developers bring green into the cities to ensure ample open space’ and align with changing needs sprung by COVID-19. The ongoing fear of future lockdowns is minimised by the comfort of having open spaces and bringing the outside into living space.
The Global Pandemic has also increased the demand for amenity access within a close radius span to homes. Developers are now ensuring public and private goods, such as parks and shopping centres, are now beginning to be integrated in new estates, as seen in the Jubilee estate in Melbourne’s Wyndham Vale
See below the Wealthi Team exploring property in Melbourne. Skip to 15.20 to hear Domenic Nesci discuss Wyndham Vale.
As acknowledged by Charu Gandi, founder of interior design studio Eliycon revealed “COVID-19 has certainly made people think more about parts of their home that don’t usually get too much design attention.”
Lockdowns surfaced how noisy family home life is and therefore the importance of sound-proofing to avoid disruptions. The increasing trend of working from home, (46% of the Australian workforce in May 2020, ABC) has made segregated spaces more desirable to enable residents to divide their time between office and home living.
Therefore, COVID-19 has ultimately influenced how property developers build homes, as new residential requirements need to be considered due to the increased hours spent at home. Certain discoveries have been previously concealed prior to the pandemic and consequently has now shifted mindsets.