- by Graeme Salt
- in Finance Home Ownership Affordability Property Investment Wealth Creation
Many Australians consider property investment is still the best investment today. But there’s a latest trend in urban development that takes property investment further up to deliver potentially greater returns.
Smart cities, which the government believes to be an answer to problems besetting urban living since the beginning of time, provide more advantages over other property investments.
As technology has evolved, so has the use of technological tools in our lives. Indeed, in real estate, it is now possible to see a proposed structure juxtaposed with existing buildings via a holographic presentation.
So common has the use of electronic tools have become that today, you will be hard-pressed finding a builder without gadgets and devices designed to help them turn a dumb city into a smart one. And a property investment in a smart city with good infrastructure, not to mention ideal location, tends to be an investment that offers the highest return.
But what is a smart city? A smart city is a city or community that uses electronic technology to collect data and then uses that data to manage resources and ultimately improve the quality of life of people living in it.
And the Australian government, if the $50 million budget for its Smart Cities program means anything, believes that developing smart cities is the way to go. If you’re a serious property investment, it’s also a wise investment path you can take.
With more than 75% of Australia’s population living in towns and cities, thereby increasing density, complexity, and even affordability problems in these cities, a technology-powered urban property design is just what the country needs for a sustainable urban living.
Funded by the government, this new wave of urban property development technology will provide improved access to local jobs and the natural environment, affordable houses, and decreased in congestion and traffic. All of which makes for a good property investment.
At present, there are 82 projects being funded by the Smart Cities program. One of those is the Melrose Park, an urban renewal project east of CBD Parramatta.
The Melrose Park, One of Australia’s First Smart Cities
The Melrose Park will have technology-driven initiatives like monitoring of environmental conditions during construction. Approximately 70 smart sensors will be placed throughout the development site to measure levels of humidity, temperature, noise, air quality, and water run-off around the clock.
These sensors will help property developers to access real-time data so they can make adjustments and avoid incidents of poor air quality, noise pollution, and others. The data gathered is also expected to help in landscaping design and building orientation.
The goal is to create a community that is socially aware, and promote a sustainable living while reducing urban footprint.
As a smart city, Melrose Park’s core attraction is its technology-driven design and functionality. From conceptualisation and planning to building, the apartments have been geared to be fully integrated and fully automated with smart technology.
Residents will enjoy features like automated blinds, lighting, and climate control, among others. In the future, electric charging stations and autonomous buses will also be installed in Melrose Park.
All these are expected to attract property investors and home buyers. Without a doubt, the Melrose Park is a place where technology meets livability and sustainability. A perfect place for property investors and homeowners alike.
Why Invest in Smart Cities
There are scores of benefits from investing in smart cities. As a resident, you can enjoy a more liveable place in a neighborhood with solar and battery-powered electric vehicle charging points. You will also have access to real-time data of pedestrian and cars movements and live in homes with smart technology systems powered by renewable sources.
As an investor, you can be sure that with futuristic and sustainable solutions to city living, coupled with the convenience of smart technology and a city location offered by smart cities, investing in a property in one could be very profitable.
Smart cities are, undoubtedly one of the answers to sustainability concerns in urban property development, and the next trend in property investment. After all, who doesn’t want to live in a smart city?
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