The Age of Transformation & FutureShock

“The next twenty years will see more technological change than we have seen in the last hundred years put together”
One of the things that never ceases to amaze me is the pace of transformation. In every facet of life, things are constantly changing, and at an ever accelerating pace. It seems like ipads were only invented a few years ago, and now suddenly it is all about the latest “Ap”, and as a real estate agent, you better be set up for would be buyers using Aps.
As a 40 something year old, you could be forgiven for thinking you are hip because you are on facebook, but the younger generation have already become bored with facebook, and are onto new things “Instagram”, Snapchat etc, most of which sound frightening to parents.
It’s the same in the property sector. In the city, you have Barangaroo about to transform Sydney’s CBD. And here in Double Bay the Kiaora Development, with the new Woolworths, is going to reinvigorate Double Bay. Chatswood is amazing, a mini Singapore, with massive new highrise towers.
What is also interesting is the “hot spot” nature of development and change. Some areas boom, while others languish.
While Australian Property Monitors data will show median house prices jumped $100,000 in 2013 to $763,169, it masks divergent markets. As RP Data’s Cameron Kusher noted “middle and prestige segments of the Sydney property market were the best performers in 2013”.
Also interesting is the market strength in apartments. Sydney’s median apartment price rose 10.9% over 2013 to $541,992.
ABS figures show that “NSW building approvals for non-detached dwellings such as units have outnumbered detached house approvals in every month of 2013, reflecting a shift to apartments as the primary form of new residential development.”
Again it’s a story of transformation. The way we live, the types of properties we want to live in. The way we want to live, work and relax.
The demographics are also changing, and cashed up Asian buyers (particularly Chinese) are increasingly in the headlines. So if you are one of those people trying to sell your $10 million plus luxury home, you had better be mindful of your home’s feng shui.
Then there is that great show “Grand Designs”, which showcases the amazing ways people can build their dream home. Again transformation like we have never seen before. The choices for your home renovation are mind boogling. A generation ago, it was not a lot more than “bricks and mortar”, and maybe some gyprock.
Alvin Toffler wrote a book back in the 1970s, titled FutureShock, and it explained how society is undergoing an enormous structural change, and a revolution from an industrial society to a “super-industrial society”. I think even Alvin Toffler would be staggered by the nature and pace of change.
So all of this talk as to whether 2014 will be another strong year for the property market, I think, misses the point. It is all about transformation, and really the only question is where is the next hot spot, and what is the next defining change.
Until next time…..Danny Doff Principal Laing + Simmons Double Bay

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