Architectural Digest has named five real estate trends we can expect to see in 2024. While they are mainly predictions for US properties, four of them (the last refers to mortgage rates in the US) are still important for homeowners and even renters here in Australia to understand.
To find the trends, the home publication tapped US property developers, stagers, and interior designers for their insights on what they thought would define the industry this year. Ahead, we’re sharing what those trends identified are, along with how they’ll likely present themselves here in Australia, based on what we’ve seen so far in the market.
Sustainable Design
It should come as no surprise to hear that buyers are becoming increasingly interested in properties with sustainable features. “I think the real estate community really has been educated and understands sustainability more and more coming in,” says Bill Caleo, co-founder of real estate development, staging, and interior design firm The Brooklyn Home Company.
He says that previously, while people appreciated sustainable elements in a home, he doesn’t think they really understood their benefit. Now, though, he’s getting asked a lot of questions about it.
In Australia, many major banks are offering buyers special rates if they make eco-friendly home improvements, including installing solar or batteries or upgrading windows and insulation.
Properties With Cold Plunges and Infrared Saunas
The benefits of ice baths and infrared saunas are becoming more known and, as a result, AD predicts more and more buyers will seek out properties with either one or both.
However, the trend is less about cold plunges and infrared saunas specifically and more about a widening field of amenities, says Bryan Grandison, director of lifestyle services at development company Extell. One of Extell’s properties has a sunken tranquillity garden, Hamman with cold plunge, hot tub, sauna and a saltwater pool.
The wellness space trend, where people go to reset their physical and mental health, has also taken off here in Australia, with centres like Recoverie and The Bath House opening in Sydney. It’s only a matter of time until wellness features like ice baths and infrared saunas are installed in properties and become more attractive to potential home buyers.
Distinct Staging
If you’re not familiar with “home staging”, it means to prepare a private residence for sale. The goal is to appeal to the highest number of potential buyers by helping them get a better idea of how they might furnish it should they get the property. An interior stylist is usually employed to stage homes, and art, greenery, and lights are often used alongside homewares and furniture.
In 2024, AD predicts staging will get more creative. It quotes Guillaume Coutheillas, founder of interior design firm FrenchCalifornia, saying the last few years have seen spaces start to look the same.
He believed this resulted from projects going to the same one or two staging companies. This year, he says he sees “a rush of creativity”, along with “opportunities to have fun and be a little more maximalist”.
The maximalist trend, which can best be described as an aesthetic that means “more is more”, has also hit Australia. In 2022, Zoe Foster Blake and Hamish Blake opened their doors to their Sydney home, which featured a wide range of colour, pattern, and texture. And countless other homes in the country that have been featured online and in magazines have featured the aesthetic.
Members Clubs Meet Residential
Finally, the publication predicts a rise in residential members’ clubs. It says 2022 and 2023 saw the members-only club comeback and asserts that will start to boom in the residential sphere too.
“We are seeing new development amenity offerings closely mirror private clubs,” Andrew Wachtfogel, cofounder and president of new development of real estate brand Official, told the publication. “Further, some developments are allocating space within the buildings for a dedicated private club, some of which are open to outside memberships.”
This trend could also be soon headed to Australia, with one of the world’s most popular members-only clubs Soho House announcing it would open an outpost in Sydney “in coming years”. Residence-wise, popular hotelier Raes announced last year a project called The Bonobo By Raes in Byron that would house 41 apartments for short and extended stays. It’s unclear what members-only-type benefits it will offer residents and guests, if any.
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