COVID-19 has resulted in shifts across many parts of the economy including preferences and demand for housing. Throughout regional Australia, it appears population growth is strengthening more quickly than it otherwise would have in 2020.
The latest Regional Australia Report published by realestate.com.au looks into these changes and contributing factors. There are two distinct trends driving up demand for regional property; lifestyle and jobs. As such, there are some areas experiencing far stronger interest than others.
While long term population growth, and hence housing demand, has been capital city-centric, over the past five years, there has been a gradual shift to some parts of regional Australia. Specifically, to areas located on the fringe of capital cities. It’s not surprising that the swing to fringe locations has occurred most prominently in states with our most expensive capital cities; Victoria, New South Wales, Western Australia and Queensland.
For Queensland, the continued growth on the Gold Coast and Sunshine Coast has meant that these areas have increasingly become self-sufficient economies, less reliant on jobs in Brisbane.
The full report can be viewed here.