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As property prices in capital cities claw back to their 2017 highs, people are considering a move to the regions.
Prices in Melbourne and Sydney are expected to continue climbing in 2020, which will encourage more people to migrate to regional areas, according to LJ Hooker.
In the agency’s latest whitepaper, What’s in store for 2020? The year of the everyday Australian, it explores how more affordable prices with a similar lifestyle as a capital city could entice homebuyers to regional suburbs.
“Buyers, especially downsizers, are wanting to get more for their money have been relocating to regional suburbs because they want a similar lifestyle but without the financial pressures of buying and living in a capital city,” head of research Mathew Tiller said.
A transition out of a capital city could ease mortgage pressure, and allow homeowners to live comfortably without sacrificing their standard.
“For example, moving from the Sydney beachside suburb of Cronulla, which has a median house price of over $1.9 million to a beachside suburb on Queensland’s Sunshine Coast can offer the same beachside lifestyle but with a median house price of just $600,000,” Mr Tiller said.
“With more and more companies offering flexible work arrangements, and new infrastructures being out in place, barriers to moving out of the city has diminished.”
With significant improvements in the coming years to transportation infrastructure, it will create better access to capitals from regional areas.
“Geelong, for example, will benefit from the upgrade of Avalon Airport, as well as the $2 billion super-fast rail line to Melbourne,” the report said.
“Similar developments will significantly improve commute times between Brisbane and the Gold Coast (32 minutes, instead of 74 today), Brisbane and the Sunshine Coast, Sydney and Wollongong or Sydney and Newcastle.
“Even if these projects will take a few years to come to life, they already contribute to making regional areas even more attractive.”
“Therefore, next year, we think we’ll see a lot of growing families and retirees make the move,” Mr Tiller said.
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