Throughout FY23, the use of artificial intelligence (AI) in content marketing gained traction in the project space. AI-powered apps like ChatGPT and ChatAi became increasingly popular. Concerns quickly grew to the quality of information, with miscommunication and inaccuracies on the rise and at scale the hot trend and reliance on Ai was quickly lay to rest in both agency and client-side marketing spaces.
Personalisation became a key focus in marketing campaigns, with more emphasis on tailored and community-based communications. Major developers updated their strategies, incorporating quarterly or bi-annual touchpoints with a lifestyle focus to engage extensive databases. Value-add in the everyday, and consumer trust became crucial themes.
At the project level, communities went to great lengths to differentiate themselves. Re-brands, sub-brands, and precinct brands were developed to target specific sub-demographic markets and their preferences. Personalisation for these micro-demographic groups became increasingly important to connect with potential buyers and address their unique considerations and preferences.
In the housing market, there was intense competition to maintain price fixtures, resulting in discounting, rebates, and incentives being heavily promoted. The slower movement of stock led to fewer listings being added to the market, with a 12.4% decrease in listed dwellings compared to the previous year.
A critical buyer demographic emerged, largely unaffected by interest rate increases, and noticeably contributing to over 35% of sales at Core, the subsequent buyer. This buyer skewed older, with 19% from Gen X and Baby Boomer generations, compared to 10% in these generational groups in the previous year.
Looking ahead to FY24, marketers should focus on Voice Search Strategy, this will ensure discoverability in how buyers are searching and consumer behaviours trends in using tech – hey Siri Purpose-driven marketing and social responsibility are also gaining further importance as consumers prioritize these aspects when choosing where to live. There will be more pressure on developers to incorporate purpose-driven initiatives in new communities.
In a survey conducted by Core, 90% of respondents in the Greater Geelong region indicated they would choose a community with sustainable or purposeful initiatives regardless if it meant paying more.
And to clarify, this write-up was not generated by an AI ChatBot!