Call 1300 40 50 60
Opteon | Australia
  • Services
      • Banking & Finance
      • Accountants & Accounting Professionals
      • Family Law & Legal
      • Property Developers
      • Real Estate Agents & Property Managers
      • Self-Managed Super Funds (SMSF)
      • Home Owners & Property Investors
      • Commercial
      • Residential
      • Agribusiness
      • Plant & Equipment
      • Government
      • Advisory
      • Tax Depreciation
      • Quantity Surveying
    • Close
  • About Us
      • About Us
      • Our People
      • Our Coverage
      • Careers
      • Our Community
      • Offices
    • Close
  • News
  • Contact Us
  • Request a Quote
  • Search
  • Menu Menu
You are here: Home1 / Blogs2 / Working from home changing buyer behaviour

News

Blogs

Working from home changing buyer behaviour

May 19, 2020

Author:  Derek Smith | AAPI CPV | Regional Director – Residential | M. +61 404 020 040

As we start to see the impacts of COVID-19 on our economy, new property market trends are emerging, including a shift in buyer behaviour.

In addition to market movement predictions, which include value reductions ranging from 5% up to the most bearish projections of 30%, we see a post-COVID shift in buyer behaviour that could reasonably be linked back to how the virus has changed our living and working habits.

The Pandemic has forced companies to reconsider flexible working from home arrangements, with Gartner reporting that 88% of organisations are encouraging or requiring staff to work from home. Whilst some may be longing to return to the office environment, others who traditionally have long commutes have enjoyed living and working close to schools, child care and family and will likely continue to do so at least on a part time basis, if not permanently.

Productivity and Working From Home

A recent survey (paywall) of EY staff showed one in five didn’t wish to return to the office and the AFR reported that the productivity of Westpac’s technology staff (paywall) was up and they are considering whether to keep working from home (WFH) arrangements permanently in place. This corporate work force shift allows people to re-consider where they want to live, adjusting prioritisation of proximity to family education and lifestyle demands over proximity to the CBD.

Traditionally there has always been a premium for proximity to the CBD, with land value rates of up to $10,000 per square metre for inner Melbourne suburbs like Albert Park vs $300 per square metre in growth corridors such as Cranbourne or Mernda, each approximately 27 and 39 kilometres (respectively) from the Melbourne CBD with one hour plus commute times during peak traffic.

Demand for suburbs

With the corporate and work force expectations shifting, we have seen continued demand for outer-ring suburbs and estates that have good amenities and lifestyle options. This demand is seeing prices holding relatively firm as they offer affordable housing options without the commute time penalty previously paid with having to work from the office.

Freedom of choice

We are also starting to see a strengthening in demand of traditional sea change or tree change townships that are within the one to one and a half hour commute to Melbourne CBD. This new-found working flexibility allows more people the freedom to choose where they want to live, giving them access to lifestyle choices previously not available without a significant commute time penalty.

The interesting trend to watch will be the shift in buyer attention to the provision of a home office in our contemporary residences.

Tags: commute, property values, proximity, working from home
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn
  • Share on Tumblr
  • Share on Vk
  • Share on Reddit
  • Share by Mail
https://www.opteonsolutions.com/au/wp-content/uploads/sites/3/2020/05/avi-waxman-upaJhH2bd8Y-unsplash3.jpg 1200 1200 Rachel Dorian //opteonsolutions.com/au/wp-content/uploads/sites/3/2016/03/opteon-logo.png Rachel Dorian2020-05-19 17:13:522020-05-20 09:54:14Working from home changing buyer behaviour
View Media Centre

Categories

  • Blogs
  • Market Reports
  • Media Release
  • News

Latest News

  • Tips to Prepare for Your Property ValuationMarch 11, 2021 - 9:41 am
  • COVID-19/Coronavirus: An update for our customersMarch 18, 2020 - 4:49 pm
  • Service areas affected by bushfiresJanuary 24, 2020 - 9:30 am
  • Opteon announces expansion of coverage with return of local valuer to Kangaroo Island in South AustraliaApril 16, 2021 - 2:17 pm
  • The rise of the lifestyle townMarch 15, 2021 - 5:05 pm
  • Office Property Market CommentaryMarch 15, 2021 - 4:20 pm

Select a Month

© 2020 Opteon

Liability limited by a scheme approved under Professional Standards Legislation.

Privacy Policy

Legal Notices

Sitemap

About Us

Careers

Locations

Our People

News

Contact Us

Solutions

Commercial

Residential

Agribusiness

Government

View All Services

Connect With Us

Connect with Opteon on LinkedIn Connect with Opteon on Facebook Connect with Opteon on Twitter

Proud Partners

Scroll to top