We live in an incredibly exciting moment in time. The sudden rise of personal smartphones and our increasing reliance on them for navigating daily tasks has made smart homes a mass-market reality. Not only do smart home technologies offer an enhanced and simplified lifestyle, but have also proven to be energy efficient and reap household savings. It’s no wonder savvy property investors of today are hand-picking Australian developments that integrate smart home technologies.
But what is a smart home, exactly?
The modern day smart home and its vision is similar to what you would have seen in The Jetsons, Back To The Future or more recently in the 2013 science fiction/romance film, Her. The idea being that control of lighting, heating, air conditioning, audio interfaces, TVs and the like is all conducted via a central, remote activated device such as a mobile phone or tablet. Smart homes fit under the larger umbrella concept of the Internet of Things, which envisions interactions at all points of daily life connected in some way to the internet. With everything connected in a digital ecosystem like a smart home, life is more integrated, faster and more efficient.
Taken a step further, smart home technology can be made to be more dynamic. That is, you can personalise automated settings simply by pre-defining certain parameters. For example, if you can’t get out of bed in winter because it's too cold, you could set your heating system to automatically turn on an hour before your alarm sounds. Another step further, and your mobile device can be geo-gated so that when you leave your house for work, your house knows to turn off all lighting or heating.
Pretty cool, right?
And this is just the beginning. It is easy to imagine a million and one possibilities ahead for smart homes. However, the main reason smart home technology is not omnipresent across Australia is not the technology itself. In its most affordable form, smart home technology is already ready to be implemented. The issue is adoption. That is, the willingness of property developers to take the inevitable step forward and start integrating smart home technologies.
But this lack of adoption across the board just doesn’t make sense when you look at the numbers. A research firm's study found that more than 40 per cent of Australian households have at least one “Internet of Things” device, with the average Australian household currently having about 14 different internet connected devices. By 2020, it’s expected that Australian consumers will spend $3.1 billion on Internet of Things devices.
Clearly, Australians are not averse to technology. But neither are our closest neighbours in the Asia Pacific (APAC) region - just think of the famous electronic toilets in Japan! It is expected that between 2016 and 2020 the smart home technology market in APAC will experience compound annual growth of 41%. This is attributed to increased demand for home technologies as a result of APAC’s high penetration of broadband networks, growing public awareness of smart homes, and increased dependency on technology for completing daily tasks. In China alone, 75% of the population expects that smart home technology will impact their lives directly in the next few years.
When considering the strong domestic and international interest and belief in the future impact of home technologies, it just makes logical sense for property developers to invest in them. Buyers should also heed these statistics and contemplate the strong investment prospect that buying a smart home offers.
One The Waterfront is one of the rare champions of smart home technology here in Australia. Integrating the leading Push™ Technology into a wall-mounted unit, residents of One The Waterfront will be amongst the first people in Australia to enjoy smart home technology in an off-the-plan property.
Residents of One The Waterfront will be able to program their Push™ unit to memorise settings related to lighting, audio, air conditioning and TV control (amongst other functions), therefore giving maximum control over their apartment. At the touch of a button, the Push™ Technology can access the remote intercom, as well as directly connect to One The Waterfront’s full-time concierge service. It truly is a step towards the future.
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