As we venture into the first few months of the year, 2024 already displays challenges and opportunities for those considering investing in property this year. Here are a few key factors driving property investment that you should consider.
Tech is driving efficient transactions
There’s no doubt that technology will continue to reshape the real estate industry in 2024. From virtual property tours to blockchain-based transactions, cutting-edge tools are becoming increasingly prevalent. Jaime Pratt, Head of PM at VPM, suggests that as a seller or prospective buyer, embracing these technologies can significantly enhance the efficiency and transparency of the sales process.
Sustainable living spaces are the buzz
With a growing emphasis on environmental consciousness, properties featuring sustainable features are gaining popularity rapidly.
“Solar panels, energy-efficient appliances, and eco-friendly construction materials are becoming key selling points,” says Jaime. “Highlighting these aspects in your property listings is a great way to appeal to environmentally-conscious buyers.”
Flexible workspaces are in high demand
With an influx in remote work in the last few years, there’s no surprise that there’s been a noticeable shift in property selection criteria.
“Homebuyers are placing a premium on homes with dedicated office spaces and strong internet connectivity,” Jaime explains. “Sellers should consider optimising their property listings by emphasising these features to cater to the evolving needs of the modern workforce.”
The impact of living costs and rising interest rates
The state of the economy and interest rates continue to play a significant role in the real estate market. Keeping abreast of economic indicators and understanding how interest rates impact borrowing costs is crucial for buyers and sellers.
Regional market popularity
While national trends offer a broad perspective, keeping abreast of movement in your local market is a must. Jaime says that factors such as population growth, infrastructure development, and local amenities will significantly influence the value of your investment property.
“Your trusted local agent should be able to guide you through these specifics,” she says.
Diversifying your investment strategies
Investors are actively exploring a variety of avenues beyond traditional residential real estate.
“We’ve seen the landscape of investment opportunities expanding from commercial properties to real estate crowdfunding platforms. “Jaime notes.
Harnessing advances in Property Management
Being able to adapt to the changing real estate landscape is vital for those considering property management services for their investment. Implementing smart home technologies for efficient property maintenance and leveraging data analytics for informed decision-making are integral to providing premium property management services.
There’s no doubt that this year will prove an exciting yet dynamic environment for property investment. Embracing technological advancements, keeping across market trends, and understanding the dynamics of your local area will keep you ahead whether you’re buying or selling an investment property. Contact our experienced team to help you make the best decisions in 2024 so you can reap the rewards from your property investment.