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How Smart Home Technology is Impacting the Real Estate Industry

Posted On Saturday, 23 October 2021 21:46

A modernized sensor-embedded residence with various integrated appliances and systems. The IoT powering smart homes is supported by web-enabled hardware, automation devices, and sensor networks. Australian homeowners are looking for automated convenience. Surely, switching on the water heater or room AC before you arrive home sounds inviting. 

The demand for smart homes

Smart homes allow homeowners to prioritize sustainability and convenience together, a win-win scenario and therefore, quite preferred. Smart homes are more than just devices, they are about fitting communication technology in basic home amenities, such as entertainment systems, security systems, air conditioning, washing machines, etc.  

According to research, 58.2% of Australians already own a smart home or intend to buy one. Moreover, 55.9% were excited about the future of smart home technology. The country loves its smart home devices and according to Statista, there will be 6.6 million households by 2025 with active smart homes.

Impact on the real estate industry

The preference for a smart home has both developers and buyers plugging in to the growing trend for technology-enabled properties. If your home can monitor energy usage so power bills stay low while keeping an artificial eye out for intruders and spy in on your beloved pet who is home alone—why not?

One out of four Australians is willing to pay more for a smart home, and property developers are cashing in on the trend. The effects on the real estate scene can be understood as:

• Properties that have pre-installed smart home technology and devices tend to sell faster.  For home buyers, it eliminates the purchase and installation stage while receiving a deal on an intelligent building.
• Smart homes have better resale values. This parameter also extends to leases and rents, because smart home technology obtains higher rents. 
• The tech-savvy millennial homebuyer segment is especially drawn to smart homes. However, the appeal of independent living that smart homes offer transcends both communities and generations.
• Real estate developers have realized that homebuyers are looking for lifestyle benefits in their living choices. The location, size, price of a property are not the only factors now. The advent of smart home technology has increased accessibility and convenience in living, and a property should reflect these amenities.

What homebuyers are looking for in smart homes

The list starts with security, includes convenience, customization, remote monitoring, sustainability, and of course, cost-effectiveness. The wow factor comes as value-added benefit with smart homes. For instance, the voice activation feature that allows you to verbally command your smart home to undertake certain tasks is unbeatable. From the perspective of people with disabilities or aged elders, it’s a convenience that is priceless.

Think about lighting control through phones, remotes, or even voice control, automated blinds working with smart sensors or on scheduled timers, sound systems playing on command. On the security front, there are door intercoms with video surveillance, alarms, and security cameras warning about leakages, fire, or thefts. 

Homes should be smart 

The range of possibilities offered by smart home technology and devices is endless. Companies like PD Building Automation offers a highly customized, convenient, and cost-effective means to the smart home approach. They are a leading installer of smart home solutions that is affordable, effective, and quick. 

Whether you are building or developing a property, you can contact them to build or transform your property into a smart one!

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