New Coffs/Clarence housing data signals metro influx
THE housing market on the Coffs Coast has seen the second-strongest quarterly growth in the the entire country, suggesting the relocation to regional Australia is very much on.
A report released by REA group today showed demand for housing in regional areas has surged past that of metropolitan listings, based on views per listings on realestate.com.au.
Prior to the pandemic, people shifting away from metropolitan living were gravitating toward smaller cities within commuting of the capitals like Wollongong or Geelong.
However, the report states since Covid-19 many of the regional areas seeing a jump in popularity and price are not within an easy commute.
And for the first time a regional town - Bangalow in Northern NSW - has made it onto the top ten in terms of views per listing.
"While search in regional Australia started accelerating soon after the first lockdown
began in mid-March, it has taken some time to work out whether it was just people
locked down, looking for something to do, or alternatively, active purchasers, with
strong intent to buy," the report states.
"Price growth data now available is starting to confirm that the search activity we
were seeing on realestate.com.au was from genuine buyers looking to make the
move to beachside areas, far from capital cities."
Nerida Conisbee, realestate.com.au Chief Economist and REA Insights Regional Australia Property Report 2020 author, said the movement out of capital cities has led to strong property market conditions in many regional areas around Australia.
The value of properties in Coffs Harbour - Grafton area rose 8.7 per cent, second only to the Western Australian Wheatbelt for quarter on quarter change.
The Mid North Coast property value rose 8.3 per cent and the Richmond - Tweed 6.3 per cent.
"Prior to COVID-19, fringe cities were benefitting from population growth and affordability and that trend has continued to accelerate," she said.
"The biggest change occurring is the rising popularity of areas that are not within commuting distance to a CBD."
The news won't come as too much of a suprise to some real estate agents, who have been reporting there has been significant interest in Coffs Coast properties from outside the area.
It also follows the release of data showing more than two thirds of Coffs Coast job applicants on the website Seek were from outside the region.
Almost 20 per cent of the applicants were from Sydney, with 7.6 per cent from Melbourne and 6.7 per cent from Brisbane.