Urban dwellers looking for sea and tree change pillows have put our regional markets “on steroids”. Here they are on their way.
Melbourne’s emigration to sea and wood exchange areas is tipped to continue with demand for regional property “on steroids” as a result of ongoing lockdowns.
The number of people leaving the city accounted for 47 per cent of Australia’s total internal migration sum in the last financial year, with 26 per cent of metro pilots settling in regional locations nationwide, according to data from the Commonwealth Bank and the Regional Australia Institute.
In the June quarter, the Regional Movers Index revealed the local government areas that recorded the largest growth in migration from urban residents were all within a three-hour drive of the CBD.
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They include Moorabool, which had a 68 percent increase, Mansfield, 62 percent and Corangamite, where the population increased 52 percent.
The Murray River, in NSW, was the next in line (48 percent) followed by the alpine region (47 percent).
Greater Geelong also had a significant influx of Melburnians with an increase of 26 percent during the year to June 2021.
The Chief Economist of the Regional Economy Institute, Kim Houghton, said that the continuing trend towards the regions was not just “a Covid thing”, and highlighted the “sophistication” of our regional markets.
“It’s partly because of the work from home, which makes it easier for salaried employees to take their jobs with them,” said Dr. Houghton.
“But there are also a ridiculous number of vacancies in the regions. There is a growing pool of long-term, high-paying jobs in the areas now. ”
He said affordable prices had also played a role in luring buyers away from the city as families and early retirees swapped their expensive subway pillows to escape threatening lockdowns.
Residents of the City of Wyndham, in the southwest of the state, accounted for 18 percent of Geelong’s migration, as people in the outer suburbs saw an opportunity to “half their housing costs” by moving to the neighboring region.
Other Geelong migrants came from Brimbank, Moreland, Melbourne and Moonee Valley.
Dr. Houghton said Geelong was in “a really sweet spot” because of its vast regional economy, appealing coastal lifestyle and proximity to Melbourne.
As a result, the number of properties available for rent has fallen since the onset of the pandemic, while approvals for new homes in the region rose 48 percent this fiscal year.
Buxton Geelong Group Director Ben Riddle said the region’s real estate market had already been on a “steady” rise in the last decade.
“But it’s been put on steroids now,” Riddle added.
“People have always looked at the possibilities, but I think Covid has been quick with the decision. Most suburbs have had double-digit growth over the last few years. There is also a lot more Melbourne money coming to investment properties. ”
Some premium suburbs like Newton had already hit a median of $ 1,005 million. $, But he said Geelong still offered cheaper housing “compared to Melbourne”.
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Originally released as Melburnians continue to drop the town for regional Victoria