The housing markets are traditionally slow to react because of their size and diversity. It takes a while to build houses and stock the market. Therefore, homebuyers need to anticipate what might come their way regarding new urban development trends on the market.
Here are some lifestyle trends in 2022 that will impact your housing choice.
Active Retirement
More retirees are choosing to embrace an active retirement lifestyle in 2022, meaning they will continue to work after they retire. This can be in the form of consulting, writing, mentoring, or even starting their own business rather than simply sitting on a beach somewhere and letting their savings run out.
It means that retirees are looking for homes with more space to accommodate them as they do not have time to waste moving house every few years. They are also looking for home facilities like gyms, hobby rooms, and study areas.
Rise of Online Property Shopping
With the latest advances in technology, home buyers expect to shop for real estate online. It means that they would want digital tools at their disposal for browsing properties.
Homebuyers can look forward to homes with built-in high-speed Wi-Fi, virtual reality systems, and closed-circuit TV to provide them with the ability to have a virtual tour of the property even before they visit it.
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More Rental Homes
Due to high property prices, more people will choose to rent rather than buy homes in 2022. It means that rental demand will continue to rise, and homebuyers can look forward to more incentives and even subsidies for purchasing rental homes, whether to buy or build them.
There is likely to be a more significant push towards building low-income housing to cater to lower-income earners. Those who are currently renting will still be able to choose from affordable rental properties, as well as those that offer low-cost payment plans.
The Retirement Shift
There is a gradual movement of retirees from Sydney and Melbourne to affordable retirement houses in regional areas where homes are more affordable. This trend will continue in 2022, further pushing down prices in capital cities and pushing up prices for buyers looking for properties outside the major cities.
Homebuyers can look forward to shorter commute times and a more relaxed pace of life as retirees move away from the hustle and bustle of city living. This also means that home prices in outlying regions will continue to rise, making it a seller’s market for retirees who want to sell their homes.
The Rise of Minimalism
With the rise in social media, there is a growing trend of people wanting to have less. With digital devices that can connect them to the world 24/7, they are beginning to crave simplicity and minimalism.
This means that buyers will go for homes in areas with a high degree of urban development but with fewer amenities, such as swimming pools and tennis courts. However, these amenities will likely still appeal to those who want a luxury lifestyle. They will also look for homes that fit into a smaller space and higher quality design and homes with more storage areas.
The Rise of Getaway Properties
People are also getting tired and stressed with the daily grind and looking for a place where they can get away from it all. It implies that there will be more demand for homes that offer an escape from busy city life.
Buyers who want to buy or own a vacation home can look forward to well-managed rental programs that allow them to keep their property occupied even when they are not around. This means being able to charge high prices for their vacation homes without having to worry too much about vacancies during the off-peak seasons.
The Rise of Urban Living
As more people move into major cities, the greater demand for new housing will be greater. It will result in more new homes built in these cities, while some established suburbs may be redeveloped to provide high-rise apartment buildings and condos within the city limits.
For homebuyers who want a home near a major city, this means that there will be new properties for them to look at every day as developers come up with new designs for homes in major cities. They will also have to be aware of development plans that may change the neighborhoods where they live.
As this demand continues, there will also be more competition for properties within the city limits, resulting in homes needing to learn how to stand out among others. There may even be tremendous pressure on homebuyers who want to stay within the city limits due to the high prices of urban living.
Key Takeaway
As millennials continue to make up a more significant percentage of the population, they will become more influential in shaping future trends. You can expect their preferences and habits to playing a more significant role in driving future housing choices as they look for homes that suit their lifestyle.
This means home buyers and sellers alike need to stay abreast of the latest lifestyle trends as they look to make decisions about buying and selling homes.
With home values generally going up, homeowners can expect a greater return on investment for their properties, whether a house or a condo.
