It wasn’t too long ago that smart home speakers were considered a luxury. The rising demand and interest in smart home technology has grown so quickly that it’s now become a basic expectation for home buyers. This has led to home buyers actively looking for property developments that allow them to control their entire home from a single device.
More consumers are realizing the benefits of smart home automation including easy monitoring of their home security and making tasks like turning on lights or controlling the thermostat so much easier. The prevalence and demand for smart home automation are leading to more developers to actively build residences with in-built technology.
According to Telsyte’s 2019 Home Market Study, it was revealed that the Australian IoT (Internet of Things) at home market grew 57 percent during the past 12 months to $1.1 billion in 2018 and is forecast to reach $5.3 Billion by 2023.
Telsyte’s Home Market Study 2019 also revealed that more than five million Australian households have started the smart home journey with at least one IoT@Home product installed. This figure represents more than 50 percent of total households in Australia.
It’s clear the growth of smart home technology is also showing no signs of slowing down. The surge in adoption for smart home technology is mainly due to the interest and purchase of smart speakers like Google Home and Alexa.
Amongst the 5 million adopters of smart tech, the study revealed that a quarter has at least five different smart home devices installed from cameras, smart plugs, smart lighting, and smart appliances. The study also revealed that the rate of adoption to set grow even further, with a projection that households in 2023 will have 37 devices.
It’s important for developers to understand these new needs and expectations from home buyers and to make swift changes to include necessary infrastructure upgrades that allow for buyers to seamlessly connect.
As smart devices become more affordable and accessible to home buyers, the importance of smart devices in the home will no doubt become just as important as fast broadband or a designer kitchen in a development.
Security, in particular, has become one of the most important and increasingly popular aspects for consumers looking at new developments. New developments that include smart cameras particularly with doorbell cameras are especially popular as home buyers are able to monitor and see in real-time who approaches their home when they are not at home.
Another exciting smart home prediction that will excite home buyers includes smart home modifications in the kitchen. Kitchens will likely be operated through technology and linked to smartphones or from a singular device and be able to monitor cooking times and adjust temperatures remotely.
The trend to smart home connectivity compounded by the popularity of connected devices such as Google Home is a trend that residential developers can no longer ignore.
Fast internet connectivity plays a vital role for smart home devices. It’s no surprise the critical importance of NBN and black internet fibre for home buyers and how that is impacting their decision alongside other decision making elements including location, lifestyle benefits, schools, property amenities, and local transport infrastructure.
It won’t be long until we see an entire home driven by smart home devices. Simple everyday activities, like turning on lights and playing music from a single voice command are already becoming standard household activities. Futuristic technology will play an increasingly important role in households and will inevitably affect the value of future properties.
One of the recent key issues for home buyers and developers in the smart home sector has been with compatibility issues between the different devices and with competing companies like Apple, Google, Amazon, Samsung and even IKEA.
For small and large developments delivering smart home compatible projects is important to adding value and selling market-ready homes and offering to prospective residents a lifestyle that is driven by the benefits of smart home automation. Smart home connectivity is already observed as an excellent selling point for developments attracting purchasers in the market interested who see home connectivity as an additional benefit or critical element in their decision-making process.
Smart home compatibility can be easily overcome for both developers and homeowners through careful planning and collaborating with smart home businesses that specialises in smart home devices for property developers.
Home with AI offers smart home automation for property developers in conjunction with a property marketing plan to help brand and market their development effectively. With the rising popularity of smart home technology, developers have the opportunity now to leverage the trend of improving their sales margin for their development.
Homeowners are already seeing the enormous benefits of security, energy cost savings, light control and entertainment control from a single device and it’s up to property developers to implement these tech changes now into their marketing and development plans before it’s too late.