Is the Rising Trend in Regional Home Ownership Set to Continue?
As the economy has evolved, so have our dreams of home ownership. Following the changes brought about by the pandemic, many Australians are turning towards a new dream of home ownership in regional Victoria. The population of Australia’s capital cities declined by 26,000 in 2020-2021, with many favouring a life in the countryside. But why are so many Australians choosing a change of scenery?
Numerous lockdowns and the implementation of the work-from-home model have prompted Australians to think differently and re-evaluate their dreams. Working from home has given thousands of Australians greater freedom on where in the country they can reside, and being forced to holiday within our own state has broadened many horizons. This led to many discovering and falling in love with regional areas they hadn’t considered before.
Being forced to spend a lot of time indoors and essentially put your life on hold for an uncertain amount of time has led to many rethinking their lives and consequently craving a big life change. A change of scenery seems undoubtedly appealing to many following everything that happened throughout the pandemic.
Mountains and shores are favoured over cities and freeways, hiking trails over city walks and affordable regional properties over smaller, higher-priced metro dwellings. Australia saw the largest migration from city to country life in the second half of 2022, and this is not something that is expected to slow down anytime soon. Regional life seems to offer many a sense of peace that they cannot find in the city.
During this countryside migration, Geelong proved to be popular with Melburnians. The region saw an increase of 26 per cent during the year to June 2021. Geelong offered a sweet spot due to its large regional economy and seaside location, plus its relatively close proximity to Melbourne.
A big move may come with downsides, of course; buyers may find themselves living further from loved ones, living further from amenities or that regional life doesn’t suit them as well as they’d hoped. Regional areas are hit by the cost-of-living crisis harder than metro areas, meaning they are consequently faced with even higher product prices.
Following the return of normality, there is a new trend wherein tree-seekers are moving back to the city. For many, the move was motivated by a need for stability in a time where COVID-19 restrictions were changed frequently. Now that this sense of stability has returned, more people are returning to the office and missing city life.
The recent flooding in regional Victoria has also played a part, resulting in less properties available. While Melburnian tree-changers are still moving to the countryside for work or retirement, the rates are slowing. Property prices are likely to plateau in 2023 as regional demand runs out of steam.
