City dwellers are ditching their poky housing in droves by prioritising quality of life and more affordable housing ownership options in regional Australia. The result has been a surge in demand, lower supply and a material rise in house prices in regional towns since early last year.
And with 1 in 6 Australians eying off a move to the country – at least according to recent responses from PIPAs property investment survey – demand for regional housing stocks is set to soar.
Think about it, you’ve been working in a cramped workstation in a city high rise office, and living in close confines already, when suddenly you go into lockdown. Simmering feelings of claustrophobia are amplified if you also have a WFH partner and home-schooled kids. Your only escape is the crowded supermarket to fight over pasta and toilet paper. It’s little wonder more and more people are off to greener (or sandier) pastures.
The trend towards small town living has been further fuelled by record low interest rates and Reserve Bank Governor Phillip Lowe committing to leave rates lower for longer at a paltry 0.1% for at least three years. That’s translating to home loan rates around 2.5% with some fixed rates sub-2%. There’s almost never been a greater incentive for house price growth in the history of the Australian economy, and city dwellers are cashing in.
The Gold Coast has seen prices up an eye-watering 25% in parts like glitzy Miami Beach. The Sunshine Coast has gone further with rises of up to 46% in some towns. Noosa has always been a favourite with Melburnians flying north in Winter, and this year demand was stronger than ever with real estate sites reporting an average of 1218 web hits per property and record price growth.
So, a lot happening in our part of the world. If you want to secure a foothold in our own slice of paradise, book a strategy call today.