How are Australian Homebuyers Changing the Hottest Property Locations?
Posted by Natalia Buttery on March 9th, 2021.
Australia’s Property Market Shows No Signs of Pandemic Depression
We may be in the middle of one of the biggest global economic downturns in living memory, but the coronavirus pandemic hasn’t stopped people from lining up to purchase property in Australia.
Even with the pandemic limiting travel, many are increasingly eager to purchase new property across Australia. What’s especially interesting though, is the change in property tastes and trends that seems to be emerging.
With the real effect that this shift is having on property prices, it may be a trend worth watching for those looking to make a move to Australia.
Homebuyers are Looking Away from the Biggest Cities
Long seen as hubs of Australian economic growth, Sydney and Melbourne may be losing their shine for Australia’s property hunters.
As house prices rise, lifestyles change, and working from home is embraced, interest and economic activity is becoming less focused in these economic centres.
A surge in property purchases in the countryside, as well as in smaller cheaper cities like Perth and Brisbane, only reflects this.
Property market analysts expect this shift to only gather momentum throughout the coming year.
Nerida Conisbee, Chief Economist at REA and author of the ‘REA Insights Property Outlook Report 2021’, said many of these areas are seeing extraordinary gains in housing prices.
‘Canberra had one of its best years on record and looks set to continue on the same trajectory in 2021. Perth is seeing the best conditions since the last mining boom with the rental market particularly hot. Great conditions in first homebuyer suburbs will ease but the rest of the city will continue to do well’
And the move away from the main cities across Australia is significant too.
Already in 2020, sales volumes in regional Australia were double the growth of state capitals and in the year up to the end of January prices had surged 40%, three times higher than in state capitals.
What Does This Mean for You?
For those who love the idea of moving to Australia but are put off by the idea of having to stay within the biggest and most expensive cities for work or convenience, this new trend is potentially good news.
Demand for homes in the countryside or in smaller cities will likely perpetuate the popularity of working from home.
With these trends likely to continue through the coming year, they’ll certainly benefit potential expats once restrictions soften again.
However, monitoring the housing market for the best value will be key if house prices continue to rise at the current rate.
For potential expats looking to work remotely for cheaper, or those looking to get onto and benefit from a booming property ladder, Australia’s housing market is one to keep an eye on.
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