Developer Insights - Apartments

By Stacey Lewis

The annual New Homes research, commissioned by realestate.com.au, has become much-anticipated with apartment developers. Stacey Lewis presents the findings of the latest study of over 1000 off-the-plan apartment buyers, unpacking their wants, needs and attitudes in 2020.

The four key trends for off-the-plan apartment buyers include:

#1 The quality of new apartments remains a big concern for most new apartment buyers.

New apartment buyers want to know about quality, and is a key factor considered when choosing a development.

Key Action: Be proactive in communicating quality. Consider communicating the ‘unseen’ quality stories – how your development is built, quality control processes in place, structure etc.

#2 New apartment buyers are anxious about making the right decision.

New apartment buyers will stall in their decision making if they don’t feel confident that now is the right time to buy.

Key Action: Provide resources and information to help them understand the current market context.

#2 Display suites play a strong role in how new apartment buyers visualise and experience new apartments.

Display suites should help buyers imagine their life in the development– while also:

  • Meeting the needs of earlier stage buyers, which are much more about information gathering and understanding options
  • Meeting the needs of late stage buyers, which are more focused on finalizing details
  • Leveraging as a communication channel to quell uncertainty around market conditions and quality.

Key Actions:

  • Continue to create spaces that allow buyers to fully experience what it’s like to live in the development.
  • Consider the information and communication approach in the display suite to cater to buyers with different mindsets.
  • Develop strategies to help identify the different mindsets (e.g. based off how far down the purchase funnel they are) and respond accordingly.

#4 For most, wellness in property isn’t about specific features that promote wellness.

You have permission to talk about wellness in the same way that buyers understand it. For most it isn’t just about specific ‘wellness’ features like circadian lighting, water filtration, dedicated yoga spaces – instead, it’s a broad holistic term for good design and fundamental needs like safety, mental & physical health, community, connection.

Key Actions:  If wellness as a key selling point for a property, the property needs to deliver on that promise – i.e. good design (light, spaces), and community / connection, mental & physical health and safety. It needs to be true from the perspective of the new apartment buyer. Create communications based on consumer perceptions’ of wellness and ensure that projects are deliver it.

Stacey Lewis

About Stacey Lewis

A Market Research analyst at REA Group, Stacey is a passionate researcher, driven by her curiosity to dig deeper into how people think, what they want, and the motivations that link them together.

She has over 10 years’ experience across a range of subject matter – from informing federal policy, through to brand and advertising development. At REA she specialises in understanding the landscape of new property buyers – who they are, what makes them tick and the influence of the external factors on decision making.

Stacey also presented Developer Insights – House & Land

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