What is COVID-19 doing to our home criteria?

Lately we’ve been fielding increased enquiry from property purchasers who are considering the regions. These enquiries aren’t restricted to investors, either.

In fact, the majority of these enquiries are home finders.

We are currently searching for homes for clients in Ballarat, Geelong, and Castlemaine. We’ve had recent enquiries spanning Kyneton, Woodend, Drysdale, Red Hill, and Portarlington. All of these buyers have made the decision to embrace a life away from the city, and while we’ve always catered to tree-changers and sea-changers, we can confidently report that the number of buyers considering and opting for this dramatic change has been disproportionately higher since COVID-19 struck.

Aspiring home owners now accept that working from home is more than possible.

It works. COVID-19 has taught us all that.

Demographer, Bernard Salt writes in this weekend’s paper about his estimates on changed WFH, (work from home) numbers. While he hasn’t been able to accurately pinpoint the exact percentage during and following COVID-19 of WFH workers, it’s a drastic change from the pre-COVID-19 numbers.

However, it’s not only tree-change and sea-change that we see as an evident recent adoption. Home buyers are also reconsidering the criteria they are setting for their home purchase.

A new consciousness of the need for delineation of study workspace and living areas in the home is evolving quickly.

No longer is a study nook, or a small allocated space for a desk a suitable alternative for a professional and/or creative worker. The setup required calls for more than a desk space, and in addition, WFH workers are reluctant to cohabitate with other family members in their workspace.

Avoiding disruptions to workflow isn’t just about children.

Workers recognise the benefits of separate dual workspaces under the one roof, and they appreciate being able to segregate their work time from their down time.

We are now seeing a heightened demand for second study spaces, more generously proportioned co-working spaces in the home, and a sharp focus on internet connectivity. Buyers who care for a WFH option are demanding strong internet signal, and we now have implemented the use of apps to determine signal strength and internet reliability when this criteria appears on a buyer’s checklist.

The direct impact for buyers who desire additional bedrooms or second living spaces for their WFH requirements comes down to budget and where their affordability leads them. Unchanged budget and increased internal floor area spells a location change for some, or a switch from small house to generous apartment for others.

The impact of COVID-19 is yet to be fully understood across so many sectors, but one thing is for certain in the real estate sector; our values, our needs and our wish-lists are changing.

We have also seen a keen update in larger kitchen layouts. Practical cooking and dining isn’t the only driver of this; but an interest in cooking, (including a self-sufficient lifestyle for some) is a stronger theme now than it has been in past years.

A recent radio interview on ABC with cafe owners was intriguing to listen to. Their smashed avo orders count had diminished dramatically. Once the preferred favourite for dine-in patrons, the plummeting order numbers during COVID-19 home delivery period were telling indeed. Not only could we conclude that discretionary spending was more limited, but the blissful and freshly served ‘in-house’ experience carried a stronger value than the dish itself. These days, isolation photos on instagram showcase home-cooked meals, from baked bread to impressive breakfasts.

We are yet to see the full impact of COVID-19 on our values, our lifestyle choices and our desire for more space. It will be an amazing data set to track through the remainder of 2020.