The demand for smart home technology has seen significant growth in Australia over the past few years. Research by Renub Research suggests the Australian Smart Home Market was valued at $4.5 billion in 2022 and is predicted to reach $8.02 billion by 2028. Smart home technology has been embraced by almost two-thirds of Australian households, according to Telsyte.

What makes a home ‘smart’? 

The use of advanced automation systems and connected devices to manage and supervise various functions within a home is commonly referred to as smart home technology. This technology has witnessed increasing popularity as homeowners seek to augment their living experiences and streamline the convenience and efficiency of their homes.
For a property to qualify as a smart home, it must possess a smart security or temperature feature, along with two or more components from an extensive selection of smart products. These smart products include Amazon Alexa, Google Home, security locks, home security systems, surveillance cameras, heating and cooling systems, lighting, kitchen appliances, vacuums, health and fitness devices, and outdoor appliances.
Smart homes empower homeowners to remotely control and monitor different functions using their smartphones, tablets, or computers. The technology recognizes the voice of users and offers personalized responses. Homeowners can modify settings or receive alerts from any location, providing them with peace of mind while also saving time and money.

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Why smart homes are on the rise 

The growth rate of smart homes can be attributed to several factors, including the rise in disposable incomes and changing lifestyles. The increasing availability and affordability of smart products have also contributed to the growing demand, making it easier for homeowners to find suitable products that fit their needs and budgets.
Furthermore, the demand for more sustainable and energy-efficient homes has fueled the growth of smart homes. Homeowners are now seeking ways to reduce their energy consumption and carbon footprint, and smart home technology offers a viable solution. This technology enables homeowners to monitor and regulate their energy usage more efficiently, making it easier to achieve their energy-saving goals.

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The benefits of having a smart home

• Smart lighting, heating, and cooling systems can reduce energy use by up to 50%. 

• Each smart home element added to a home increases resale value. 

• Many smart home products increase safety and security for families and pets. 

• Controlling everything from your phone, tablet, or computer is not only convenient, it also means a household can be managed more efficiently. 

• Some home insurance companies reduce their premiums by up to 20% for homes that have smart security systems installed. 

• Smart home devices can assist seniors in their daily lives with diet, medication, exercise, and sleeping. 

• The technology empowers individuals with special needs, making daily life easier and more convenient. 

• The Australian government has introduced incentives to encourage the adoption of smart home technology. 

Investing in smart technology products for your home is a financially wise decision. Numerous websites specialize in helping consumers find the latest and greatest devices. It's just a matter of selecting the products that meet your present and future requirements.

Should you require advice on any aspect of selling your property, contact our McKean McGregor Sales Team for assistance