Use of a home office or study area is on the decline.
It was only a few years ago that bedrooms were being transformed into home offices and study areas were considered important as people began to work longer hours and have fewer children. The advent of the Internet made working from home popular too.
Today, because the number of portable electronic devices utilising a wireless internet connection continues to grow, the need for a designated home office is declining. Free access to the internet in cafes, along with wireless hot spotting, has reduced the demand for ‘dial up’ and ‘cable’ connections in the home.
Will this change in the way people are connecting to the internet have an impact on the real estate market? It already has!
Wireless broadband, in combination with laptops, smart phones and iPads has allowed many people the freedom to work and access the Internet away from their home office. In days gone by, one may have either been in their home office surfing the internet, or downstairs watching television. Now, many people can do both at once. They watch television whilst surfing the internet and they check social media sites on their iPad or laptop during commercials.
Because the designated home office or study area holds less importance to a home buyer now than it did a few years ago, this subtle change in demand should impact on property values and building trends in the market. Demand for one bedroom apartments may increase as will their value, from both a rental and ownership perspective.
For example, already some medium to large scale building developments in Sydney’s central and inner west areas are including one and two bedroom apartments which do not have designated study areas or rooms. As portable electronic communication devices gain an even greater hold, this physical space saving technology will continue to affect property prices and how properties are presented in a rapidly changing market.
We are not saying that the home office or study area will become extinct or totally irrelevant. We are just sharing one example of how changes in technology can impact on our lifestyle.