Regional areas in the eastern states are booming as city residents seek a sea or tree change to escape a restrictive coronavirus lifestyle and as working from home becomes the new norm.
“Since COVID-19 lockdowns began, there has been an interesting shift in search activity to regional NSW,” says REA Chief Economist Nerida Conisbee.
“The Richmond-Tweed appeal appears to be driven by white collar nomads, released from the shackles of their CBD offices.”
Since June, the Master Builders Association of Victoria has noticed spikes in demand in the three regional cities closest to Melbourne, as well as in Shepparton and Wodonga.
MBAV chief executive Rebecca Casson says the new normal of working from home has combined with the $25,000 HomeBuilder grant, and $20,000 in bonus grants for first-home buyers who build a home outside of the city, to rejuvenate the regions.
Other reports state that people are buying properties in South East Queensland, often sight unseen.
The overall result is increased demand which is driving up prices, says Conisbee.