- Value of approved projects in Augusta Margaret River was $150M
- Figure up from 3 year average of $92M
- Reaffirms a shift to regional living
The Property Tribune recently reported that a new report from Commonwealth Bank (CBA) has confirmed what many commentators have been writing about for some time: a noticeable shift towards regional living, away from capital cities, has taken place during the pandemic.
Between March 2020 and March 2021 – the first full year of the pandemic – there was a 7% increase in regional migration away from the Australian capitals.
Even more notable, there was a 66% increase in regional migration – in total – over the year.
In order to calculate movements, the Index looks back over 5 years of residential data, where people have lived in one place for at least six months.
During the past year, a noticeable uptick has occurred in migration (see chart below).
Globally, much of the same behaviour was observed in the Knight Frank Wealth Report, with coastal areas around the world seeing a jump in interest from ultra high net worth individuals, 56%, 47% for rural locations.
The local implications for one local government area has now been calculated, the Shire of Augusta Margaret River approved projects that totalled $150 million for the financial year just passed; that is well above the three year average of $92 million.
“Over the past twelve months we’ve witnessed a boom in the number of people seeking approvals to either build new housing, renovate their existing homes, or construct or improve commercial buildings,”
Matt Cuthbert, Shire Manager Planning and Development Services
Mr Cuthbert added that “On the building side, we issued 711 permits compared to an average over the last three years of 565. Of these, 376 were for new dwellings, well above the three-year average of 262.”
Planning also saw increased numbers, the Shire determined 521 applications, up from the three year average of 500.