It’s been a difficult year for many of us, with a lot of instability and change across various industries. But in spite of the economic uncertainty, the Australian market has seen a huge rise in demand for property. Across the country, property prices are reaching new highs, with growth at a whopping 13.5% this year—the most rapid yearly rise we’ve seen in 15 years.
With a limit in international travel, many locals are settling down and trying to capitalise on what they have right here in the country. The pandemic has drastically changed the way we live in our homes. With the dispersion of offices and public spaces, it is now where we work, work out, dine and everything else. Millennials and young families are now more willing to find a home to settle down, especially if the commute to the office is no longer necessary. Which explains why regional Australia is getting so much attention.
The Rise of the Regions
Soho Listing @ 41 The Esplanade, St Lucia, QLD (Sold)
Here’s a look at Australian removalist company Muval’s recent report on the movement of individuals around the country.
“Since government restrictions began in March 2020, there have been over one million searches for ‘moving house’ COVID related questions. In turn, the home removals industry is challenged to keep up with demand”, says CEO of Muval, James Morrell.
Data from Muval’s removalist inquiries showed Queensland to be the area with the most movement—Southport, West End and Newstead being the three hottest suburbs.
Results from a survey of 1,000 adults by the Regional Australia Institute (RAI) showed that one in five residents are considering moving to the regions and more than two-thirds would commit to that move in the next year.
The Popular Cities
Soho Listing @ 821/20 Queen Street, Melbourne, VIC
Even within the big cities like Melbourne and Sydney, people are still moving, just to different suburbs.
Melbourne was expected to suffer greatly from its struggles with pandemic-related lockdowns. However, while negative migration (people moving out of Melbourne) in August 2020 was at -61%, recent months have seen fewer people moving out of the city—around -29%. So it appears it is on the mend. South Yarra, Richmond and Brunswick are the favoured neighbourhoods in Melbourne. Check out our article to see a few other lovely listings in Victoria.
Brisbane on the other hand, experienced a surge in popularity, with the highest net migration growth at 96^, as well as the highest number of inbound searches in the country.
Over in Sydney, it appears more people are moving out than moving in, possibly in search of a better, less expensive life elsewhere. The year ending 30 June 2021 calculated their negative migration at -35%. This leaves a lot of room for impressive luxury listings to get featured on the market.
Trending neighbourhoods in NSW and ACT are Surry Hills, Belconnen, and Parramatta.
Last but not least, Western Australia’s more popular suburbs are Scarborough, Rockingham, and Baldivis.
What’s Changed
More data from the survey revealed a change in the Australian ambition. The same survey by RAI revealed vacation rental platforms like Airbnb have inspired young Australians to own their own home as well as a holiday rental. And three in ten of them are hoping to pay off their mortgage by the time they retire.
Why leave the city, they asked? The answer was split three ways. 70% of adults said it was to experience less traffic congestion, 69% said to reduce stress and anxiety, and 68% wanted to reduce the cost of living.
If you’re on the market for a new property, don’t view anything before reading our Ultimate House Inspection Checklist. We’ll help you make sure you’re looking out for the right things.
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