In recent years, many people have moved out of cities to regional areas looking for a quieter and more relaxing lifestyle.
Many thought this trend would end now that COVID lockdowns appear a thing of the past, but a new report by buyers’ agency, Hotspotting says otherwise.
Australia’s regional exodus
According to buyers’ agency Hotspotting, the migration of city dwellers to the regions has been building for the past 5–6 years, so it’s incorrect to say it’s a trend driven by the pandemic.
It’s more about technology enabling people to work remotely and having access to a better lifestyle at an affordable price. And, according to Hotspotting’s Terry Ryder, “It’s a long-term trend and it’s here to stay.”
Impact of the pandemic
What the pandemic did was supercharge an existing trend. The Regional Australia Institute’s (RAI) Regional Movers Index report found migration from capital cities to regional Australia increased by 16.6% during the 2021/22 financial year when lockdowns occurred.
During this period, it seems that some people left metropolitan areas for a variety of reasons including to retire, downsize, find more affordable housing or for lifestyle reasons such as a slower pace of life.
Regional centres like Geelong, Ballarat, Newcastle, the Central Coast and Sunshine Coast have all boomed on the back of this demographic shift.
Ryder says people will continue to seek out a tree change or sea change in regional locations that offer cheaper prices, an attractive lifestyle, higher rental yields and good potential for price growth.
This year’s regional hotspots
The report identifies the top 10 regional areas tipped for major growth:
- Onkaparinga, SA
- Mandurah, WA
- Toowoomba, Qld
- Port Stephens, NSW
- Mitchell Shire, VIC
- Townsville, Qld
- Geraldton, WA
- Yeppoon, Qld
- Murray Bridge, SA
- Bundaberg, Qld
Some of the drawcards enticing city dwellers to regional towns include affordable property prices as well as good transport infrastructure. Take Toowoomba for example, the $1.6 billion Toowoomba Second Range Crossing and $15 billion Inland Rail Link, along with affordable housing (in the vicinity of $385,000) is luring residents from their city abodes.
Ready for a fresh start in a new location?
We can arrange the right home loan to suit your specific needs.
The material on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this website is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this website are provided for illustrative purposes only. Although every effort has been made to verify the accuracy of the information contained on this website, Infocus, its officers, representatives, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.