- Flexible work options means Australians are seeking new destinations
- Lifestyle areas are likely to enjoy strong demand
- Demand expected near Sydney, Melbourne, and Brisbane
With growing flexible work options due to the COVID-19 pandemic, many Australians are seeking out new destinations, according to BuyersBuyers founder Pete Wargent.
This means a large number of lifestyle areas, particularly those with reasonable access to the major employment hubs of Sydney, Melbourne, and Brisbane, are likely to enjoy strong demand, mainly for freestanding houses.
Mr Wargent said, “Several industries are experiencing skills shortages, with job advertisements up by about 50% from pre-COVID levels, and, as a result, wages and pay packages are increasing. This is giving those seeking desirable lifestyle locations the confidence to negotiate for flexible or remote working arrangements.”
The expected increase in immigration will see activity thriving in Sydney, Melbourne, and Brisbane, while lifestyle areas with good access to those hubs are highly likely to enjoy strong demand, particularly over the medium and long term.
Job advertisements have boomed from pre-COVID levels
Source: Australian Government, Labour Market Statistics
During 2020, net interstate migration to Queensland rose to the highest level in more than a decade-and-a-half at over 30,000 over the calendar year, as thousands relocated away from Victoria’s restrictions.
Mr Wargent said, “This is indicative of a wider shift towards coastal and lifestyle markets over the past 18 months.
“It’s not just been true of Queensland, but also of the northern New South Wales coast, the Central Coast, and the South Coast, as well as the southern highlands and other desirable regional locations.”
Net interstate migration
Source: Australian Bureau of Statistics
Call to digitise
Mr Wargent said the changes add an additional later of complexity to decision-making associated with residential property.
“Digital contracts replacing weighty hard copy contracts is one welcome and overdue shift.
“This year we’ve also seen a huge increase in the use of virtual inspections, with more interstate buyers than ever before able to purchase properties with the assistance of a buyer’s agent in, for example, south-east Queensland without flying up and down from Sydney or Melbourne.”