Urban developments need sophisticated distribution
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Increasing apartment supply in the capital cities, coupled with interest from interstate and offshore investors, means sellers need to up the ante regarding the distribution of their properties and the level of information they provide.
Australia’s urban centres are being redefined by progressive rezoning that allows for higher density developments to satisfy growing population demands. The spate of new areas opening for urban development is reorienting the market towards apartment dwellings and heightening competition, leading developers and marketers to adopt more sophisticated approaches to off-the-plan sales.
“The Australian market is already highly competitive in the apartment development sector and will only get more so as these new zones are opened up for activity,” says Investorist founder Jon Ellis.
Ellis highlights that a confluence of factors, including an increasingly globalised market, increase in product supply and a greater reliance on professional advisors are fuelling a demand for more information about properties with a richer level of detail.
“The current real estate portals are not delivering the depth of information consumers require to make an off-the-plan apartment purchase. Ironically, there is more information available on a completed property that purchasers can physically inspect,” Ellis says. “In part I believe it is this lack of information that leads off-the-plan investors to seek the assistance of professionals as it is just too hard for consumers to go it alone.”
Globalisation is also a driver in strengthening the role of the advisor. “It would be an impossibly daunting process for an international purchaser to attempt an off- the-plan purchase unassisted,” Ellis says.
He highlights that even within Australia there are significant differences in the process of buying off-the-plan property from state to state. Advisors play a key role in helping purchasers navigate an of-the-plan purchase and these advisors demand higher levels of project documentation including legal agreements and real-time project availability.
Ellis forecasts that technology-driven distribution propositions – the model used by Investorist – will need to be more widely adopted to engage effectively with national and international investors.
“We use advanced technology to deeply engage and communicate with our clients, providing transparency without removing the human element,” he says.
Ellis believes his Investorist Live events are making cross border project launches more personal than previously possible. “An Investorist Live is like a traditional agent project launch crossed with ABC’s Q&A program,” Ellis says. During September Investorist are launching two new projects: Tribeca East in Rivervale Perth, WA, on 10 September; and Magnolia in Doncaster, Victoria, on 16 September. The exclusive events are only open to members of the Investorist community and feature live interactivity with the property developers and Investorist consultants.
These events, coupled with Investorist’s patented technology, are set to revolutionise off-the-plan property accessibility.
For more on Investorist, visit: www.investorist.com