There’s no denying it: 2020 brought about changes big and small to the way we live, socialise and work. One change that is likely to last long-term is the ability for more of us to work remotely, or to significantly reduce the amount of time spent commuting to an office.
This shift in work culture has accelerated the number of city dwellers looking to move further out for a change in lifestyle.
The city exodus is also being driven by housing affordability, as house prices in Melbourne regain their equilibrium and continue to rise.
These conditions have resulted in a boom for some of Victoria’s regional areas, in particular, those within a couple of hours of Melbourne with good infrastructure, employment opportunities and transport links.
In an article published by The Australian Financial Review, an analysis by JP Morgan Securities has revealed that regional areas are growing at more than three times the pace of capital cities, as COVID-19 accelerates the trend for people – particularly Melburnians – to bring forward their plans to move out of the city, or to now consider it as a viable option.
Post-COVID, the value of properties outside Melbourne has increased by 18 per cent, with properties taking less time to sell and vendors enjoying small vendor discount percentages – just 2.1 per cent in Victoria.
Property website www.realestate.com.au has listed eight regional areas set to benefit from this shift. Their Victorian picks are Ballarat and Mitchell Shire – Ballarat because of its good transport links to Melbourne and lower median house price, and Mitchell Shire because of its ability to offer a country lifestyle while still being within easy reach of Melbourne.
Experts also expect areas such as Geelong, Bendigo and Ballarat to continue to draw buyers from Melbourne, as well as established coastal areas such as Victoria’s surf coast and Mornington Peninsula, with their established amenities such as hospitals, schools and shopping facilities.
Popular coastal areas with good infrastructure, employment opportunities and a reasonable commute to Melbourne will always attract those thinking of a ‘tree change’ or ‘sea change’, but have seen an increase in demand as the State government invests in these areas as alternatives to our built-up cities for work, education and housing.
This shift away from city areas will mean a drop in demand for high-density living. Larger homes with spare bedrooms that can be turned into multiple home offices and meeting rooms, or separate dwellings such as granny flats for extended family, as well as space for home gyms and exercise rooms, will be attractive to buyers looking to make the move from the city.
Thinking of staying, buying or investing in Melbourne?
National real estate agency Upside has released its annual State of the Australian Property Market Report, listing its top 21 suburbs tipped for growth in 2021.
In Victoria, Melton, Craigieburn and Box Hill made the list.
Real estate agents McGrath have published their 2021 Property report, tipping that a ‘great regional relocation’ is underway, with many regional areas already experiencing booms, with more growth on the way.
The report also highlights the fact that growth in Melbourne’s suburbs remains strong, listing a number of suburbs as their top picks for strong growth in 2021.
These are Thornbury (continuing its growth in recent years), Sunshine, Hawthorn, Coburg North and Kilmore in regional Victoria.
While the shift in our working culture and ongoing development of our regional and coastal hubs is making it easier and more attractive to make the big ‘tree or sea’ change, there are still things to consider if you are planning to leave the city behind.
Moving to the country or the beach can be a big change in many ways, and the decision deserves consideration.
Make sure you have thought it through before making the big move.
Whether you are buying, selling, building, renovating or investing, The Home Inspection Hub can assist with a quality residential building inspection.
We conduct pre purchase house inspections, building and pest inspections (with our valued partner Crunch Pest Control), new home construction inspections, special purpose inspections and owner builder defect reports.
We also offer specialised services such as contract review, tax depreciation schedules and VCAT reports and expert witness.
Take advantage of our free quote facility or ask us for a sample report.
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