Australians are fleeing the big cities to the countryside. This trend has been apparent for a long time, but it has resulted in a real boom since the beginning of the corona pandemic. Not only wealthy people long for more space. Average earners are also following the trend.
Luxury beachfront properties are popular with wealthy Australians
The corona pandemic has shifted the preferences of potential buyers with regard to the real estate market. In Australia in particular, there is a real trend in this regard: many wealthy Australians are longing for real estate with more freedom.
Accordingly, some wealthy people move from the cities to the mountains or to the beach, with the background of being able to work from there in the home office and at the same time being able to enjoy a large property in a quiet location.
The suburban regions of Byron Bay, Victoria’s Mornington Peninsula, South East Queensland and Tasmania’s east coast have been particularly popular since the pandemic. These are mostly luxury areas a few miles north of Sydney.
Boom instead of crisis
While the resident real estate agents expected a rather bad year due to the Corona crisis, the opposite is now true, as James Baker, resident broker of the northern beaches, reports to Mansion Global:
“We are very busy and did not expect that in March. We expected it to be a tough time up here. During the last recession after the financial crisis, the market in Avalon Beach, Palm Beach, Newport moved very slowly. “
According to Baker, this trend – the flight to the country – was already apparent before the pandemic, but the crisis triggered a real boom. However, for many of the wealthy buyers it is not yet clear whether the escape to the more rural surroundings will be a long-term or short-term condition, according to Baker. Many of the buyers have properties in Greece or New York, but these are currently not available.
The real estate agent concluded by commenting, “You [die Immobilienbesitzer] are very wealthy and want to make sure they can be in a more relaxed place. […] Everyone longs for lifestyle and security. “
Living in big cities is becoming more affordable
But also the normal wage earners in Down Under are increasingly fleeing the big cities and switching to the surrounding regions. The trend is already going so far that urban real estate is becoming cheaper while houses in suburban cities are skyrocketing.
“The move out of the cities is in full swing, this one [Trend] won’t change either, ”Griffith University lecturer Tony Matthews told news.com.au.
While prices in Sydney and Melbourne have declined in recent months, they have increased significantly in the Geelong and Dubbo regions, according to a study by CoreLogic.
Image Sources: Taras Vyshnya / Shutterstock.com