There has been a definite shift in the way we live, work and co-exist in our communities during the pandemic. Changes that we may not necessarily want to return to once our various stages of lockdown are over.
Working remotely has been one of the biggest changes, with a recent survey revealing that between 41 and 60 per cent of those working from home want to continue doing so two or three days a week. Respondents aged over 60 most favoured working remotely, pegging their preference at between 81 to 100 per cent of the time.
With the acceptance and enjoyment of a more simple daily structure without the long commutes, there has been an increase in the number of families, and also couples, wanting to move to more regional areas.
If people are choosing not to work in an office, they might choose to base themselves somewhere else because of the quality of life, or because it has a house they can afford.
23 Bass St, Kiama Downs – This enchanting 3 bedroom family home with a backdrop of breathtaking ocean views is just over 1.5 hrs drive from Sydney. $1.29- $1.4 million.
Joel Kotkin, a fellow in urban studies at Chapman University in California states, “Outmigration was being accelerated by several factors. Millennials are getting into their 30s and are thinking of buying a house, getting married, having kids, and of course the pandemic is going to make space more attractive. And the kind of urban development we’ve had, has produced enormous inequality, much worse in the big cities, and that was chasing people out.”
The growth regions
Leading the way on regional growth, according to the latest analysis by CoreLogic, is the Illawarra on the NSW south coast, showing the best performing house price growth at 12%, and Ballarat in regional Victoria, recording the shortest days on market at 30 days, and the lowest rate of vendor discounting on house prices at -2.4 per cent.
Let’s take a closer look at the three East Coast states;
NSW
Second to the Illawarra for best house price growth was the Newcastle and Lake Macquarie region, where house values rose 8 per cent to a median $588,558.
Next was the Richmond-Tweed area, incorporating the always popular Byron Bay, Ballina, Tweed Heads and Lismore, which experienced a 4.5 per cent increase to a median value of $626,534.
On the Mid North Coast, house values increased by 4.1 per cent to a median $475,523. This area incorporates Port Macquarie, Taree and Forster.
9b Frederick St, Merewether – This brand new coastal luxury home is a simply divine contemporary masterpiece.
Queensland
The best performing regional markets were the Gold Coast, where house prices increased by an impressive 8.6 per cent to a median value of $660,601; and the Sunshine Coast, where house prices increased by 8.1 per cent to $668,361.
The Mackay-Isaac-Whitsunday region also recorded good growth at 4.1 per cent to a median $332,236.
8 Talbot Court, Upper Coomera, QLD –An impressively stylish, spacious and versatile family domain enjoying tree-lined views in garden and pool surrounds is priced over $639,000.
Victoria
Although the hardest hit by the pandemic and subsequent lockdown, Victoria has still managed to have some growth in regional areas.
Geelong had the highest growth in house values at 5.4% to a median price of $616,716. Ballarat was second at 4.7% to a median $447,485.
Although the Mornington Peninsula saw a negative house price growth of -1.7%, the demand for houses and units in this region both for rent and to buy, is at the very top of the national demand spectrum.
270 Craigie Road, Mount Martha, VIC. Perfectly named, “Eden”, this incredible property featuring a tennis court, pool and barnhouse/theatre with studio loft, is just over an hour from Melbourne. Lifestyle at its best!
If your work allows, and you’re wondering if you should make the “re-change”, here are the top 10 reasons why people are making the move, that may help make up your mind;
- A chance to buy a better home for less
- More space, larger blocks of land
- Escape from pollution
- Community connection
- Safety and security
- Peace and quiet
- Sustainable living
- Connecting with nature
- A healthier, more active lifestyle for you and your children.
“Long term, the strange upside of COVID-19 is that it’s normalised remote work. People are potentially more wary of high-density city areas and that means, in the long-term, I think regional markets will see a benefit from that.”
Eliza Owen, Corelogic
To see all of the properties on offer in these regional areas, on our website www.stonerealesatate.com.au.
