New targets, new challenges? What to expect in FY23 for Project Marketing

LOUISE CALEO, PROJECT MARKETING SPECIALIST

Happy FY23! As we embark on a new financial year there are more than just new diaries and planners to be ordered. (But if you need one, check out the range by Jstory, highly recommend if larger weekly layouts are your thing.) Jstory Weekly Planner | Plan Your Week | Pencils.com.

Gearing up to June 30, the EOFY traditionally is a festive-filled period of team get-togethers fuelled by floating beef sliders and arancini balls. And if you’re in luck, a spray of bonuses where project budgets get a well-anticipated top-up as new funds are released.

More often the new financial year also sees re-established targets, bringing ahead a new set of challenges, marketers keep an eye on that inbox as an influx of rollout schedules and content plans are destined to hit your account any day now, as we enter the new fin year.

Reflecting on the past 12 months, as an industry Greenfields has been on a high in terms of both price growth and sales volume. After a long-awaited return, over the second half of FY22 we celebrated the recommencement of events. A highlight for the team at Core with developer partner Balcon, was the successful launch of the Orana Display Village and Family Fun Day in Clyde North. With over 2500 attendees and a brand-new Fairhaven Homes, the home was auctioned raising a remarkable $750,000 for the Maddie Riewoldt Foundation.

Across the board, the return of events saw many projects benefit, through the movement of enquiry and new deposits that typically follow. In the North, Wollert Rise built on their community with a well-planned Family Fun Day, and over in the far West at Ballarat, the Winterfield community welcomed builder partners to regular breakfasts and project discovery sessions.

At Core, the persistent popularity of outer-metro living especially by established families remained clear. In fact, 30% of all deposits taken over FY22 were from the upsizer buyer type. The April – June period of 2022 saw further uplift from this type of buyer, (33% of all deposits taken).

So, what’s next? Core’s Data Analyst, Simon Di Pace forecasts affordability restraints may begin to impact more buyers well into FY23 as the steady price growth story continues for Greenfields due to supply constraints. “We are not seeing a regular or even a semi regular re-stock of available lots, which comes down to a supply concern” comments Simon.

Looking ahead, whilst the depth of the market may not be where it was 12 or even 6 months ago due to affordability restraints affecting accessibility, the shift in market could lead to a changing buyer pool. Victoria’s vacancy rate was just 1.7% in May as recorded by SQMResearch, the lowest recorded since March 2019. Greenfields is likely to see a flow-on effect in our marketplace, with boosted levels of investor confidence, a rise of the investor buyer type will be something to watch over FY23.

An outlook derived for project marketing as we move into FY23:

Specialised campaigns:

With shifting appetites from our different buyer groups, project marketers will need to assist with message delivery, insuring it is understandable and reaches each buyer type in a way they prefer. Expect to see more specialised and targeted campaigns as we move into FY23.

Regular nurture comms:

With supply and delivery timeframes pushed out over 18 months for some projects in almost all corridors, it will be important communications don’t halt from the time of depositing. Ramp-up, set and maintain regular nurture comms right up and even post-settlement – look after your purchasers by keeping them informed.

Testimonial style content:

With a continued service offering and communication flow right up until settlement, we are given the opportunity to build brand advocates for a project. Expect to see more testimonial-style content in both paid and owned spaces where purchasers are at the forefront of sharing your message.