The remote work revolution

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As the borders between the office and home continue to dissolve, a new professional landscape is emerging, leaving an indelible mark on the property markets of Melbourne and the Mornington Peninsula.

08 August 2023

In this remote working era, homes are transcending their traditional role as mere living spaces, transforming into multifunctional environments that cater to both our personal and professional needs. 

This paradigm shift has redefined what individuals seek in a property, with a marked increase in demand for properties that offer potential home offices or adaptable spaces. Purpose-built office spaces that minimise distractions, enhance productivity, and cater to ergonomic needs are now key considerations for potential buyers and renters. 

In response to this work-from-home revolution, architectural and design trends are also evolving, necessitating designs that strike a balance between functionality and comfort. Properties that underscore these attributes are generating heightened interest and often commanding superior prices. 

The advent of remote work has also rekindled an appreciation for outdoor spaces. With more time being spent at home, Melburnians are recognising private outdoor areas such as balconies, gardens, and backyards as integral elements of their living spaces. 

The transformation is not confined to Melbourne’s city limits. A migration trend, catalysed by the pandemic, propelled professionals no longer tethered to office-based work to the Mornington Peninsula. This locale experienced an influx of ‘sea changers’, thereby escalating property demand in the area. However, shifts in personal finances and a resurgence of buyers and investors returning to the city have recently precipitated a 10% decline in demand for homes in the region, new CoreLogic data shows. 

The influence of remote working on both Melbourne’s and the Peninsula’s property market is profound, altering property demand, design, and sales processes. As the work-from-home culture becomes more entrenched, these changes will persistently shape the market’s trajectory. This evolution presents an opportunity to redefine living and working spaces, supporting an enhanced work-life balance and a reconnection with our homes and loved ones. The future of our property market hinges on its capacity to adapt and evolve in tandem with this new era of work and life.