The effects of the COVID-19 epidemic on the housing market appear to have triggered a shift in the preference of Australian home buyers and investors, who are increasingly interested in regional markets , according to market experts.
Cate Bakos, President of the Real Estate Buyers Agents Association (REBAA), said properties in many regional locations are experiencing increased demand and shorter market days amid the COVID pandemic 19.
"For investors who have experienced particularly high regional capital growth rates, the additional bonus of generally higher rental yields has presented an attractive option for those who favor a more balanced portfolio," she said. .
Bakos said regional markets offer home buyers the opportunity to change their lifestyle. She said the trend is popular among young families, moving workers and retirees looking to maximize their retirement savings.
"Remember that if you have to go to a big city for work, whether it is one day a week or five days a week, you can tolerate the commute and all that goes with the extended journey time, "she said.
Before buyers even got into the trend, Bakos said it was important to consider buying regional homes with the potential for resale.
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"Don't buy a property that is on the main road, or that is too strange or quirky, buy something that is popular with locals," she said.
Simon Pressley, director of research in propertyology, said that this trend has already manifested itself in recent years. In fact, five of the eight Australian capitals recorded a population decline due to internal migration last year, with Brisbane and Hobart gaining the most.
"Official data also show that most of Australia's best performing property markets in the past five years have been spread across regional Australia, not in capitals," he said.
Matt Ward, a local agent for the Aspect Buyers Agency in New South Wales, said buyers wanted "rural lifestyle blocks" closer to major regional centers.
"We see a lot of new entrants to the market as more and more people realize that the need for space, secondary income and a place to escape on weekends end can all be satisfied on the same property, "he said.
Ward said that a factor attracting buyers to the regions was the skills shortage in large regional cities. In addition, Ward said that purchasing property in rural areas and farms allows buyers to grow their own food.
"The situation of COVID-19 has drawn people's attention to the issue of food security and their inability to develop their own, so demand for properties with this potential has remained much sought after," said he said.
Richard Evans, an agent for Fortune Property Finder, said that areas like Newcastle, Hunter Valley and Lake Macquarie have generated increased interest from potential buyers in the midst of COVID-19.
"Whether it is the allure of an oceanfront apartment, a character chalet with relaxing permaculture garden and a art studio, or an investor looking for higher returns, regional cities and surrounding areas offer a wide range of opportunities for those who are prepared and enlist the best local support available, "a- he says.
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Woolloongabba
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