Whether you’re looking to buy your first home, upsize your current residence or buy an investment property, 2022 is set to be an exciting if not volatile year for property buyers.
Purchasing property will require a heightened understanding of the macro and micro trends affecting the housing sector.
It will be more important than ever to take care in the new phase of the market. If buyers don’t have the confidence or know-how to navigate shifts in the market, they should secure a buyer’s agent who can provide the industry knowledge and skills to assist them.
The founder and CEO of Unicorn Buyer’s Agents, Dan Sofo, helps to outline the market’s top trends for buying the ideal property type in 2022:
Virtual buying trend continues
Virtual buying is not a new concept. However, the pandemic forced many of us to do things differently and adapt to new ideas and experiences at a much faster rate than we thought possible. And yet, people have gravitated to the virtual buying world, so purchasing property online is becoming a mainstay.
The main advantages of buying online are that it’s quick and easy and exposes the buyer to a large selection of available properties. Virtual buying also saves time by minimising on-site inspections and the need to personally view properties of interest. Moreover, with ongoing pandemic concerns, it’s the safest way for buyers to search for properties on offer.
Tools such as Google Maps and Google Earth can also provide an idea of a property’s siting and location.
Strong buyer pool
Open borders will bring home many expats and welcome overseas workers and students in 2022.
As such, the market will remain heated with an increase in buyers ready to purchase properties — often sight unseen. This is where a buyer’s agent offers expertise in finding the most ideal property for a purchaser’s needs.
Buyers should also wield purchasing power. They must be decisive and have the finance ready to go.
Apartments return to the forefront
During the worst of the pandemic, people were vacating their apartments in droves. People wanted more space so that they could comfortably work from home and their children could do their remote learning.
But in 2022, Australia and New Zealand are due to open their borders again to overseas students, so buyers looking at investment properties should take note that demand for apartments is set to increase.
Overseas students and the skilled-labour migrant sectors all look for the same things: easy access to general amenities and close proximity to public transport so that they can get to their universities or places of employment.
Need-to-know basis when buying property in 2022 (Part Two) explores emerging hotspots, how market pressures will prevail and the positive impact of climate change when buying property.