The Rise of Smart Homes in the Luxury Real Estate Market

Technology has become omnipresent, making our lives comfortable and more advanced with each innovation. Smart technology has changed how we live and interact with machines at home. It uses Artificial Intelligence (AI) and internet connectivity to generate cognitive awareness in machines that helps them communicate with other networked devices. 

It has revolutionised the way homes are built and utilised by residents. The ultra-rich population is the first to adopt the latest trends and jump on the bandwagon. They need the best fixtures and equipment in their trophy homes, which add value to their high standard of living. Let us understand the rise of smart homes in Australia's luxury real estate market and its impact on the sector. Investors and buyers can take a cue from this information and ensure they enjoy the benefits of a smart home.

The Rise of Smart Homes in the Luxury Real Estate Market

With technological advancements moving a level up every year, it has become necessary to modernise and adopt innovations. Whether it is buying the latest smartphone or switching to smart lights, ultra-high-net-worth individuals are leaving no stone unturned in maintaining their affluent status. Automation is becoming a part of everyday lives, and the wealthy segment wants to leverage it effectively.  

They are looking for luxury real estate in Australia that is fitted with smart devices to march ahead with the changing times. They want the best of everything, and real estate is no different. The high-end residential sector is worth US $24 billion and is expected to grow at the rate of 3% in the next five years. The annual capital growth of premium homes has been the highest in cities like Perth, Brisbane, Gold Coast, Sydney and Melbourne. 

All the new luxury developments are marketed with lavish and cutting-edge amenities and fixtures to deliver the value needed by affluent buyers. These include a range of devices connected through Bluetooth and the internet to provide automation of repetitive tasks and futuristic living experiences. Some of them are smart security cameras, smart locks, smart bulbs, etc.

Benefits of Smart Technology in Luxury Properties

Australian luxury real estate market is tapping into the potential of smart technology to attract tech-forward buyers. The add-ons help to increase the value of the property and provide an array of benefits listed below.

1. Remote Access to Luxury Home Fixtures

Internet of Things (IoT) is the technology that enables devices with sensors and processing capacity to communicate with each other over the internet. The tool is being utilised by developers of luxury real estate in Australia to offer remote access to appliances in the house to the owners.

Thus, the homeowner can control the temperature of the rooms by adjusting settings on the smart air conditioner using a Smartphone or preheating the smart oven to find food piping hot when they arrive. Other such facilities include smart window blinds and smart lights that can be controlled from anywhere and anytime.

2. Sustainable and Sensible Living in Opulence

Smart homes are also sustainable because they use energy-efficient lights, and remote accessibility helps to switch them off conveniently. These devices can also be programmed to shut down automatically at a chosen time to reduce the wastage of energy. It helps to maintain a sustainable lifestyle and ensure green living, which is the need of the hour and a significant concern for eco-conscious Australians.

For example, air-conditioners can be turned off remotely when family members have left the house or missed out on switching off the lights. Thus, home automation plays a pivotal role in energy conservation and reducing energy consumption, which saves money as well. The sensors can also detect leaks and damage to property and send notifications to alert homeowners.  

3. Enhanced Security for Wealthy Property Owners

Security is a major concern for prime home buyers because Australia has one of the highest burglary rates in the world, with a high number of break-ins reported in the past few years. Smart home security devices have helped to improve the safety of homes that have high-value belongings. The ultra-rich population needs higher levels of security to keep their treasured possessions safe.

Luxury real estate in Australia usually comes with security features, such as video doorbells, smart surveillance cameras with real-time data access and smart speakers to talk to visitors remotely through the security camera. Other such devices include glass break detectors and motion detection to alert housemates about trespassers. It offers the privacy needed by the owners of expensive real estate.  

4. Maximised Comfort With Smart Devices

The smart devices in homes help to increase comfort and convenience. For example, virtual assistants like Amazon Alexa and Google Assistant offer voice control. Thus, the homeowner can make the virtual assistant switch off the lights in the room by giving a command.

It is also beneficial for ultra-rich people who are quite busy and rely on automation to complete mundane tasks. For example, the use of smart contact sensors allows family members to communicate with each other from different rooms using audio and video communication.

5. Customisation of Settings Helps Preferred Living

With smart homes, the control of every feature is in the hands of the homeowner, who can personalise the experience. It helps them to seamlessly integrate modern technology into their lives and leverage it to their benefit. They have full customisation options related to lighting, temperature, energy consumption, safety, natural lighting, etc.

They can change the atmosphere depending on the mood they wish to set in the room. It helps to reduce dependency on housekeepers and staff members to make changes around the house. It helps to live effortlessly with things happening on their own at the click of a button or a voice command. Thus, smart devices make lives better and more efficient by saving time and energy.

Wrapping Up   

Investors or owner-occupiers looking for luxury real estate in Australia can benefit immensely from the installation of smart devices in their homes. It has helped in capital appreciation of premium properties and an increase in the demand for home automation.