The most in-demand suburbs in the country are Bangalow near Byron Bay along with Thirroul and Bulli near Wollongong.
These regional locations are averaging around 10,000 views per listing on realestate.com.au, according to the latest REA Group report.
Interest in Bangalow has pushed house prices up 1,281 per cent in two decades—from $76,025 in 2000 to $1.05 million in 2020.
Property listings around Byron Bay have continued to roll in during the pandemic with buyers attracted to the beaches and growing celebrity-status of the shire which is home to the Chris Hemsworth, Elsa Pataky, Carrie Bickmore and Matt Damon.
Meanwhile, Sydneysiders are taking advantage of prices and rent for both homes and business space in Wollongong which are far cheaper compared to the capital city, less than two hours away.
The REA Insights Regional Australia Report 2020 shows remote-working has also accelerated interest in other parts of regional Australia.
Regional shift winners
| State | City/Town |
|---|---|
| Victoria | Geelong, Bendigo, Ballarat, Latrobe-Gippsland, Warrnambool and the South-West, Mildura and Wodonga |
| New South Wales | Illawarra, Southern Highlands and Shoalhaven, Hunter Valley, Central West (particularly Orange) and coastal areas from Mid North Coast up to the Queensland Border |
| Queensland | Gold Coast, Sunshine Coast, mining regions (excluding coal) |
| Western Australia | Mandurah, Margaret River region and mining regions |
| South Australia | Port Elliot and surrounding region, Mount Gambier and the South-East |
| Tasmania | Launceston and the North East |
^Source: REA Insights Regional Australia Report 2020
REA chief economist Nerida Conisbee authored the report and said the movement out of capital cities has led to strong property market conditions in many regional areas around Australia.
“Prior to Covid-19, fringe cities were benefiting from population growth and affordability and that trend has continued to accelerate,” Conisbee said.
“The biggest change occurring is the rising popularity of areas that are not within commuting distance to a CBD.
“Over the last 20-years, beachside areas have become more attractive, which has resulted in significant price growth.”
The resurgence in the mining sector has also boosted interest in regional areas with Orange, Karratha, Townsville and Perth reaping the benefits of a property boom.
Thanks to The Urban Developer for the Article
