Need-to-know basis when buying property in 2022 (Part Two)
Given the volatility and changing face of the current market, buyers need to be astute to find the right property in 2022.
The key to success, however, often remains universal. Potential purchasers who display patience, vigilance, market perception and knowledge will be on track to achieve their property aims.
In the previous instalment, Need-to-know basis when buying property in 2022 (Part One), we focused on the increase in virtual buying trends, how open borders are strengthening the buyer pool and apartment investment returns to the forefront.
With help from the founder and CEO of Unicorn Buyer’s Agents, Dan Sofo, (Part Two) continues to uncover the market’s top trends for buying the ideal property in 2022:
Hotspots will emerge
COVID has changed our priorities and created more flexibility for workers and businesses — and the impact has resulted in the growth of properties that offer lifestyle benefits.
It’s well known that regional areas benefited the most from sea changers and tree changers.
In addition, we are going to see the emergence of new hotspots across parts of the country that offer growth potential, access to amenities, schools, transport and other social networks.
Market pressures will prevail
In 2021, the Australian Prudential Regulation Authority tightened its lending criteria and this year we will see interest rates likely move upwards in response to inflation.
Buyers with larger cash reserves will be in pole position. But the most important factor is for buyers to do their research in all facets of the purchasing equation.
Buying well rather than erratically holds the key to long-term wealth creation.
Positive impact of climate change
One of the biggest trends for property in 2022 will be climate change and how it affects purchasing patterns.
Properties with electric-vehicle charging stations, solar-generated power with battery storage, water tanks and smart energy meters for green energy will be in high demand.
Other coveted qualities include good insulation and structures and landscaping that are eco-friendly and built using recycled and sustainable materials.
Buyers should also think twice about properties that are located close to bushland and areas prone to flooding. This is where insurance industries are set to gain.