Australia’s economy is changing. The government is driving growth in innovation and doing its best to inspire critical change as the world economy opens up.
It knows that changing to meet new economic realities is crucial to being competitive in the future global marketplace.
Today, in 2016, it is normal for Australian businesses to offshore some of their workforce. This is the reality of how business is done right now. It wasn’t that way twenty or more years ago.
Technology is also improving efficiencies. Cognitive computer systems are a reality. What we’re seeing now was considered the realm of science fiction not that long ago.
For example, IBM’s “Watson” already knows more information about medicine than many doctors alive…and it’s a computer!
This means that in the future we could be finding cures in medicine through a cognitive machine rather than a team of researchers.
The world is being completely disrupted by change and technology.
Take a look at this short, 3 minute video by St. Paul’s School. It describes what life could be like in just a few years’ time.
We live in amazing times. Our economy is full of change and real estate is not immune from the disruption.
A commonly used term for the kind of changes we’ll be seeing is “disruptive technology”.
Defined as ‘advances that will transform life, business and the global economy’, disruptive technologies will play a part in changing the economics of not only countries but individuals as well.
Technology Will Only Add to Existing Economic Growth
Technology adds to an economy by adding jobs, creating opportunities for entrepreneurship and contributing to GDP growth by supporting those entrepreneurs and other business owners.
As a result of the increase of entrepreneurs and businesses, new services and industries spring up such as “cloud computing” and mobile payment services.
According to the Intergenerational Government Report 2015, over the past 40 years Australia has enjoyed a strong economic performance, underpinned by its growing population.
This economic success has greatly enhanced our quality of life. Average incomes have doubled in real terms since 1975, the year of my birth, with this increased wealth being shared broadly across the community.
This has led to a wonderful Australia we all know and love.
Did you know that this is our 24th year without a recession? It’s a world record! We are lucky to live in Australia because we all enjoy access to a well-functioning health system, good education and options for recreation and leisure that our grandparents could only dream of.
So what can you do to prepare for the coming changes?
Take advantage of the opportunities you’ve been given. Learn something new. People in other parts of the world can only dream about the life we have here. We are the lucky generation.
Education really is the most powerful weapon for changing the world. What are you learning this year?
What does this have to do with property investing?
No doubt you’ve heard of “smart” homes. Smart phones, iPads, tablets…all of these things can tie into a home that is wired to talk to these devices, telling us things like the temperature of each room in our house, if your kid has made it home from school, if there’s a fire…you name it, something has (or will be) invented to help people live better lives.
While the technology for “connected” homes isn’t commonplace, in a few years it very well may be.
You just might find yourself buying an after-market computer system for your own home!
The real estate market has always been impacted by people. What they buy, what they sell, the types of properties they want, etc.
Their desires, along with planning committee decisions, government policies, etc. translate into what and how much builders create for consumers.
It’s up to you to be aware of what the market wants in order to get the most from your investments. And we surely can guide you! Visit us at: https://www.positiverealestate.com.au/