It's been a long 12 months, and while many of us would rather daydream about our next international flight and the possibilities of next year than rehash the year that was 2020, it’s important to seek lessons from the challenges that we faced.
Looking back on the past 12 months, we would like to share our thoughts on the biggest factors that shaped the real estate industry this year.
We saw a rapid transition towards digital-first services across the real estate sector. Without the immersion of open homes, the familiarity of an in-person meeting, or the excitement of a live auction, many of the standard ways we as an industry operate our business were put to the test. Ultimately, this re-enforced the importance of high-quality digital assets and a data-led approach to operations.
The economic ramifications of a global pandemic have placed immense pressure on spending across Australia. While many anticipated that an economic downturn would lead to the crash of the property market, all signs point to a fast and comprehensive recovery. As of last month, we have seen a month-on-month 0.8% increase in property values set against a 3.1% increase year-on-year. We’ve learnt that the property market remains a strong and resilient investment.
But perhaps the most important lesson that 2020 brought us, is that customer service is the single most important asset for a business. Although we were faced with our fair share of hurdles this year – as everyone was – we have emerged stronger, more resilient, and primed for our best decade yet.