Working from home sparks new property trends

It’s amazing how our attitudes have changed since the coronavirus lockdowns began.

The convenience of working from home has been a revelation to many of us – no battling traffic or public transport, fewer distractions from workmates and a much healthier work-life balance.

As Mornington Peninsula real estate agents, we’re seeing a large increase in demand from people relocating from the Melbourne CBD and surrounding suburbs. A seachange is common and demand on the Peninsula is typically high, however in recent months it has grown significantly. We're also seeing an increase in inquiries from potential buyers and renters for properties that either offer a designated home/office space, or a suitable space in the home that can be used as a seperate office.

The goal of some property hunters is to reduce the burden of paying for both a home and a separate commercial or office space.

Buyers are being attracted to spaces that demonstrate how working and living comfortably can be combined. 

Real estate during lockdowns 

Searching for your ideal home or investment property can be difficult in these uncertain times. We are seeing a shortage of property available on the Mornington Peninsula at the moment, which paired with high demand is making it challenging for those looking for a home. Though our team have had some success with helping to pair purchasers with the perfect home even without being able to physically inspect the property during the previous lockdowns. The market is still transacting and we have adapted to the technology available to help with virtual tours and property inspections.

Tax benefits and low interest rate

Mixed-use buildings also offer tax benefits. If they are of interest, you should seek professional advice on that score. Record-low interest rates also give you a significant advantage over buying when the lockdowns end.

The buildings are attractive to small business owners running e-commerce ventures or service-oriented businesses with low employee numbers. 

In some cases, these buyers intend to lease either the commercial or residential part of the building, depending on their own circumstances. Be aware that banks will likely seek commercial loan terms for such an arrangement. 

Ideal for the modern professional 

Of course, this an age-old concept. Shopkeepers have been living above the store for years. Now, with the impact of Covid-19 and employer acceptance of work-from-home arrangements, this is becoming a trend for modern professionals. 

Those who previously operated from an office are now working remotely from the dining table, in many cases the overall concept has been successful suggesting at least a portion of the work will continue from home once the lockdowns finish. With that knowledge we're now seeing strong numbers looking to move to the beautiful Mornington Peninsula, no longer needing to commute to the city the seachange opportunity is a dream for a lot of people. 

For any advice on the local real estate market or to discuss the potential sale or leasing of your property please get in contact with our team!