Are more people likely to move to regional areas?

And with the QLD border open to Greater Sydney and all of VIC just a couple of days ago...I think it's fair to assume that the East Coast lifestyle boom has only just commenced.

 

You would think so.....its happening a lot here in teh USA eg California people relocating to texas etc.

this said....we have better regional internet.....as ive posted here before....this is one of the reasons why i think Malcolm Turnbull needs to get smacked across the nose with a rolled up newspaper every time he logs onto the internet

 

Internet services in regional Australia are improving though.

And it seems that QLD will be open to all of South Australia next week.

So boom times ahead for the East Coast!!!

 

Are Gen Y and millennials (permanently) bugging out of NYC en masse?

 

The trend of businesses / wealthy moving out of NYC and Cali to Texas and Miami is largely to do with taxes rather than Covid. This move is likely permanent and will undoubtedly benefit the wealthy owners of the businesses. Whether it benefits the staff that now need to relocate to middleearth Texas... and likely have their wages capped is another question.

For the younger generations moving out of NYC, that will be a tricky one to predict over the long term. Short term, closure of hospitality and universities means there is no need to be there paying crazy high rents to live in a cramped apartment sharing one bath between 3 people. Impossible to WFH as well. Crime rates are also rising anecdotally. So it doesn't really make sense for anybody to be renting there anymore (not many Gen Ys and Millennials would have the means to own property in NYC). The stats show the bulk of the people moving out of NYC have ended up in New Jersey and surrounding suburbia. Some of the smaller more "hip" cities along the east coast and tree change hotspots nearby have also picked up a few people (the latter driven by the elderly). Millenials are also looking to start families and the natural move towards larger homes in suburbia as a consequence of that (pulled forward by Covid but not primarily driven by Covid).

 

''The latest REIQ Quarterly Rental Vacancies report found that every Queensland region had experienced a drop in vacancies, with 96 per cent of those regions now in the “tight range” of 0-2.5 per cent.

The Gold Coast fell to just 0.3 per cent, Brisbane fell to 1.4 per cent, the Fraser Coast hit 0.2 per cent and Bundaberg remained at 0.4 per cent.''

Why now might be the time to invest in the property market - realestate.com.au

 

''Despite immigration predicted to remain well below pre-pandemic levels, Dr Hunter said unprecedented interest from city-slickers in regional markets would continue to lift prices nationally.''

“It’s worth keeping in mind [regional] areas outperformed capital cities this year, and the reason why is those markets are much smaller, so it doesn’t take too many people to decide they want to make the jump to really ignite those markets,” she said.''

Is the only way up? How the real estate market defied a crash in 2020

 

Can someone show me some examples of this regional boom in prices with comps over the last in last 2-3 years for NON "A grade" areas e.g. Sunshine coast, Mornington peninsula, Byron etc.

Looking for examples like this, same place no improvement sold again late 2020 but was bought 2 to 3 years ago

 

just saw our old house listed for 570 on phillip island
we sold it for 400, 3 years ago
new owner maybe made 5-10k in improvements

 

''While the total sales of plots measuring less than 2400 sqm rose 3.2 per cent year on year, comparatively those of acreage proportions rose 14.3 per cent.''

''Andrew Henderson, Gold Coast zone chair for the REIQ, said an increase in sales of properties of acreage proportions confirmed that buyers now prefer homes that offer space, privacy and serenity.

“This trend has been gaining traction for some time,” Mr Henderson said. “There has always been a steady flow of buyers looking for acreage properties to have as a weekender, or hobby farm, to escape suburbia or the coast. What we’re seeing now is that COVID-19 has sped that up dramatically.”

Sales of acreage-size properties double that of smaller plots - realestate.com.au

 

Look at Venus Bay, it's like +20% since pre-COVID.

 

yeh saw venus bays prices a few months back and was a bit surprised
It just highlights that 450k - 500k is the new cheap based on interest rates
I reckon regionals Aus wide that have good futures and growing populations are primed to shoot up
Remembering that most outside of NSW have plenty of housing options for 200-300k

 

It stands to reason that if more people (OOs and investors) are buying in regional areas, then less people are buying in the metro areas. That a fair comment?

 

Yeh makes sense but its only half of the supply demand equation
Whats the supply like in metro areas though? I know it was very slow a few months ago. Theres obviously still a heap of people ready to buy metro though
I think the virus kicked a few boomers up the bum who were thinking about making the tree/ sea change. Demographers have been talking aboit this for years and it may be finally happening
Also with returns in shares looking shakey and the bank providing no term deposit love anyone with spare cash is just pumping it into real estate

 

Whats your view on the new housing estates in melbourne and city apartments.
Im pretty short sited but i cant see where the buyers are going to appear from?
in my opinion you cant keep building housing for people who arnt here
They will come back of course but it will be interestingbto see how it plays out

 

Yeah i think this is why Dan Andrews has pumped so much into public housing. He needs to find work for the thousands of trades who will be out of work when the building of the apartments and new estates inevitably slows or stops