8th May 2020 / Prue Fletcher: Buyer’s in Search of More Versatile Homes

Since the disruption of COVID-19, agents across the country have naturally seen a shift in buyer and seller sentiment. Not just in relation to consumer confidence, but more keenly towards the type of properties that seem to be weathering this storm quite well.

Our group of offices across the Eastern Suburbs of Melbourne, as well as the Mornington and Bellarine Peninsulas, are noticing a trend towards buyers seeking out those homes where the opportunity to create that ultimate work-life-balance seems to be more prevalent.

Rod Burton, Director of Fletchers Ringwood, says that "for our lifestyle homes with layouts that are equipped to support a remote-working lifestyle, we have seen a significant increase in enquiry".

Properties such as 25 Kandra Street Ringwood East, which sold just shy of $1,000,000 (ESR $850,000 - $920,000) required over 10 hours' worth of individual inspections and resulted in 11 competitive offers for the property. This is largely due to these homes boasting versatile floorplans and plenty of outdoor space where everyone can live harmoniously under the same roof.

Similarly, this trend is being echoed along the Peninsula with Fletchers No.1 Property Consultant, Liam Rock, identifying similar situations for coastal properties currently on the market. "Buyers are not only looking for monetary value, they are looking for how much value the property will add to their lifestyle, in which cases they are prepared to pay. Having some space around you when you return home at the end of a busy day or alternatively enough room for the whole family to move around freely if you end up spending more time working-remotely, is what's driving properties like 65 Bonnyvale Road Ocean Grove towards great outcomes'.

It seems now more than ever, buyers are placing value on homes which provide the space for you to work and play, something that we will no doubt see a focus on with future developments. No longer are mixed-use buildings just restricted to commercial properties, the idea that your home now needs to wear multiple hats (school, work and for the foreseeable future, a holiday destination) will inevitably continue to drive the prices up for these coveted lifestyle properties.