26th May 2020 / Prue Fletcher: How Buying the Right Home Might Help You Live Longer

Prior to the COVID-19 lockdown, we saw residents around the world take up sanctuary within the four walls of their own homes. In effect, this has put wellness within the real estate industry under a microscope as we've asked ourselves how much of an impact our homes can truly have on our overall health and wellbeing.

For me, this begs the question; could buying the right home help us live longer?

The Global Wellness Institute, a leading research and education resource, produced a report in 2018, titled, 'Build Well to Live Well'. Inside the report, it mentions that 'real estate and communities who intentionally put people's health at the centre of design, creation and redevelopment are the next frontier in residential real estate'.

That same report has estimated that the global real estate wellness industry is worth a staggering $134 billion and growing at a faster rate than the global economy itself. This research has predicted that residential real estate will be the next sector to be radically transformed by the wellness movement.

'Our homes, communities and surrounding environment directly affect our daily behaviours and lifestyles. It is only logical that they should be an investment in our health and wellbeing,' the report stated.

Well, there you have it. Wellness in real estate is poised to go from niche to mainstream, with data suggesting that owners who are prepared to invest in this movement are being significantly rewarded.

Fletchers Ringwood Director & Auctioneer, Rod Burton, says that 'for our lifestyle homes with layouts that are equipped to support a remote-working lifestyle, we are seeing 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, results in 11 competitive offers. 'This is largely due to these homes boasting versatile floorplans and plenty of outdoor space where everyone can live harmoniously under the same roof,' Mr Burton said.

Similarly, this trend is being echoed along the Bellarine 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 case, they are prepared to pay significant dollars to secure this. Having tranquillity around you when you return home at the end of a busy day or alternatively, enough room for the whole family to co-exist freely if we end up spending more time working remotely, is what's driving these properties,' Mr Rock concluded.

It seems now more than ever, buyers are placing high value on homes which provide space for you to work and play, something we expect will play a big role in years to come. No longer are mixed-use buildings restricted to commercial properties. Our homes must now wear multiple hats (school, work, holiday destination, multi-generational living) and staying at home will likely become a large part of the design process.

Likewise, Melbourne's apartment landscape has been adapting for some time, with self-sustaining eco-systems already in play across the skyline of Melbourne. Recently, Fletchers Projects in Melbourne were engaged to sell a host of luxury apartment's located at the Melbourne Conservatory; a place where residents are treated to an urban oasis for residents to escape 7 days a week, all year round.

Boasting a design theme that is both socially and culturally connected, it is a modern-day development that has the very best of urban living. With amenities including a yoga studio, sauna & steam room, private cinema, flora terrace, golf simulator, sky pool and social jacuzzi hot tubs, guests are also treated to opulent dining areas which can be reserved for private functions. The inclusion of retail spaces downstairs provide an opportunity for residents to have access to specialty grocers and stores, enticing more and more people to stay home even when restrictions are lifted.

It has become extremely evident that there has been a large shift in buyer sentiment. Buyers are deliberately seeking out heathier places to live and are prepared to pay for it. Prior to COVID-19, people from all over the globe had begun recognising that over the last 50 years our lifestyles were changing, seeing how a more sedentary life has led to rises in chronic diseases and obesity and how all of these issues relate back to our lifestyles, daily habits and where we choose to live.

After spending months in isolation, it seems the world has had a real wake-up call. We are seeing our communities embrace a slower pace of living, supporting local restaurants and travelling within our own borders.

Ultimately, finding a home that sparks joy for you and your family has presented the opportunity for us to add more time onto the best years of our lives.