Voice of the 2024 Off-The-Plan Buyer

#38 Live Panel: Voice of the 2024 Off-The-Plan Buyer with Stephen Bowtell, Jellis Craig Projects & Ash Bramich Pace Development Group

The Urban.com.au Market Insights Live Event recently featured a compelling discussion on the evolving dynamics of the real estate market, particularly focusing on the perspective of the off-the-plan buyer in 2024. Hosted by Urban.com.au CEO Mike Bird, the panel included insights from industry experts Stephen Bowtell of Jellis Craig Projects and Ash Bramich of Pace Development Group. Here's a breakdown of the key points discussed and how they're reshaping sales and marketing strategies in the real estate sector.

Shift towards a Team-Centric Approach: One of the significant changes observed in sales and marketing strategies is the shift towards a team-centric approach. Unlike the traditional product-driven approach, the emphasis is now placed on showcasing the developer's vision, expertise, and track record. This change acknowledges that buyers seek assurance not just in the product itself but also in the team behind its delivery.

Humanizing the Developer: Efforts to humanize the developer by highlighting their personal attributes and commitment to delivering quality projects are gaining importance. Spending ample time understanding the developer's values and vision helps in building trust and connection with potential buyers.

Challenges and Adaptations: The discussion also touched upon challenges faced by developers, such as rising construction costs and evolving buyer expectations. Pace Development Group, for instance, embarked on a journey to reassess its values and enhance its brand credibility to cater to a more affluent market segment.

Nurturing Buyer Relationships: In an environment where buyer journeys extend over longer periods, nurturing relationships becomes paramount. Lead nurture programs now span over months, catering to buyers' timelines and providing relevant information at every stage of their decision-making process.

Adapting to Market Signals: Understanding market signals is crucial for developers to determine the right timing for launching projects. While market fundamentals remain strong, developers need to gauge buyer sentiment and demand carefully. The key lies in balancing conviction with market readiness to seize opportunities effectively.

Key Drivers of Successful Projects: Looking ahead, successful projects are expected to align with buyer preferences and market trends. Middle to outer-ring townhouse developments, particularly in the affordable price range, continue to attract interest. Additionally, projects that offer compelling value propositions, either through price or location, are likely to resonate well with buyers.

The insights shared during the Urban.com.au Market Insights Live Event shed light on the evolving landscape of off-the-plan property purchases in 2024. From prioritizing team credibility to adapting to changing buyer expectations, developers and marketers are navigating a dynamic market environment. By understanding market signals and aligning with buyer preferences, stakeholders can position themselves for success in the competitive real estate industry.