The latest data from the Regional Australia Institute shows that more and more Australians are making sea and tree changes to regional areas. The majority of people making the move are from Australia’s two most expensive capital cities for real estate – Sydney and Melbourne.
In addition, Regional Australia Institute figures show that less people have moved from regional areas to capital cities over the past two years as well.
What’s driving the regional migration trend?
There’s no doubt that the pain and inconvenience of COVID-19 lockdowns and restrictions have caused many Australians to rethink their lifestyles. The wide open spaces and generally more laid back lifestyles of regional areas have become even more appealing for city slickers. There are also increasing opportunities for people to work from home rather than having to commute to work. This trend makes living in a regional area more practical for more people.
The regional migration trend is likely to continue even now that COVID-19 lockdowns and restrictions are (hopefully) a thing of the past. Comparable properties are significantly cheaper in regional areas, so they give you more bang for your buck. First home buyers in particular are more likely to find buying in regional areas far more affordable.
RAI Chief Executive Officer summed it up well. “Regional living is attracting more young people and particularly younger families who are looking for bigger living spaces at a cheaper cost,” she recently said.
For many millennials, moving to regional Australia allows them to achieve the great Australian dream of home ownership much earlier.
The rate of regional migration is showing few signs of slowing down in the first half of 2022. This is despite the recent slowdown in the Sydney and Melbourne real estate markets after the boom selling times in 2020 and 2021.
The implications of the trends
Increasing populations in regional areas is likely to boost infrastructure spending within them, as well as job opportunities. Growing demand for both residential and investment properties is also likely to see property values and rental returns remain strong for both owner-occupiers and investors.
More people moving away from capital cities is also likely to help ease the housing supply crisis that exists in many parts of Australia, including Sydney.
How we can help
If you’re looking to join the growing number of Australians migrating regionally by buying a residential home or investment property in Newcastle, Maitland or Lake Macquarie, talk to us. Our licensed and experienced brokers at Wisebuy Investment Group can help you to find the right loan.
We’ll take the time to find out your individual needs before matching you with a suitable lender. We work with more than 60 lenders in the Australian market, and we can help you with your loan application. Importantly, we work for property buyers, not lenders.
Contact us today for an obligation-free chat to find out more. We’d be happy to answer any questions you have and to explore your finance options with you.