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Who wouldn’t want to move to a regional area right now?
Real estate statistics have revealed that people are flocking to the regions to live due to continual COVID-19 lockdowns and the ability for many people to now work from home. Not to mention plenty of room to move and a stunning, natural environment with almost zero traffic!
A recent Real Estate View blog article indicated that Australia’s capital cities recorded their largest net loss of people on record in the March (2021) quarter according to the Australian Bureau of Statistics (ABS), with many relocating to other regional areas within their same state. The trend of migration from cities continued from a record loss in September 2020 after many months of lockdowns. The ABS stats reported that Brisbane gained the most people through net internal migration - up 3,300 - while Melbourne lost the most (8,300) followed by Sydney (8,200).
This data confirms what many of us already knew about city dwellers keen to make the move to a regional area for either a sea or tree change, and COVID-19 lockdowns have simply fast tracked this scenario.
Stats from the Regional Australia Institute, mapping regional moves based on change of address details for Commonwealth Bank customers, found that the number of people moving from capital cities to the regions during the March 2021 quarter increased by 7 per cent compared to the March 2020 quarter. The stats also found that the flow of people from capital cities to the regions accounted for 6.3 per cent of all movers, up 0.7 points on the year prior, with the Gold Coast, Geelong, Newcastle and Wollongong among the locations seeing the biggest boost to population.
And the flow to the regions doesn’t look like it will stop anytime soon with a Real Insurance survey in May 2021 reporting that 43.8 per cent of respondents had already moved to a regional area in the past two years or would consider doing so in the next two years.
It’s also true that the influx of city folk moving to the regions certainly has an impact on demand outstripping an already limited supply when it comes to buying and renting.
Property prices in regional areas have also been rising since the beginning of the pandemic, with CoreLogic reporting that the combined regional markets recorded price growth of 19.6 per cent in the year ending July 2021, compared to 15.1 per cent for the combined capitals.
Real Estate Institute of Victoria president Leah Calnan said that many of her regional members had reported an increase in demand for regional properties since the pandemic began and it’s certainly the case here in the Echuca Moama region.
CLK First National Director Troy O’Brien confirmed the strength of the regional property market and growth from Melbourne buyers showing a lot of interest in our natural stunning region – who could blame them!
“The local market is still strong and the demand is still outweighing the supply,” Troy said.
“We are seeing a lot of competition for homes right now, with both locals and people from out of town making decisions based on lifestyle and thinking with their hearts more than their heads.
“This is driving competition for properties, so it’s a great time to sell your home,” he said.
If you’re looking to make a move, spring is traditionally a great time to sell so contact our sales team today for a free appraisal. Call our office on (03) 54 822 111 or visit our website at www.clk.com.au.