The COVID-19 pandemic saw a lot of changes happen across the world. One of the noticeable changes in Australia has been a shift in where people live. As more and more workers discovered they could work full time from home, there was a migration to outer suburbs and away from major cities.

In the past two and a half years, regional Australia has seen stratospheric growth. However, this doesn’t mean the end of strong property values in metropolitan areas.

Are cities emptying?

The year 2021 was the first time this century that populations in the major Australian cities dropped. This makes a great headline… but when you take a look at the numbers, it was only around a 0.2% change.

For what it’s worth, the cause behind the drops was the combination of international students returning home and city dwellers deciding to have a tree/seachange or return to their town of origin.

The areas which picked up in terms of population included regional hubs like Geelong in Victoria, the NSW Central and North Coast, and much of regional Queensland. This led to price growth which went as high as 37.7% in some postcodes.

However, city prices increased as well during 2021. The national average for growth was around 22%, which is high.

What does this mean if you’re deciding where to buy in Australia?

Last year saw population shifts and nationwide growth in terms of value. In 2022 and 2023, the following factors may influence your decisions around buying and selling.

• For city dwellers, prices have started to level off. This means the next few months could be the right time to upsize to a larger home.

• Investors and buyers still have excellent opportunities to choose strategically and buy in a regional area with strong growth potential.

• On the other hand, rental vacancies are very low in cities such as Sydney and Melbourne. If you do decide to invest and you have a long term strategy in place, you shouldn’t have much trouble finding a good tenant to help cover the cost of the mortgage.

• Now could be the time to sell if you live in a regional area that is in high demand. Prices are strong, and if you work with the right selling agent, you should get top dollar for your property.

• If you’re thinking about selling in a metro area, work with your real estate agent to determine a realistic price. Interest rates are still reasonably competitive and there are plenty of buyers looking to make a purchase before they go much higher so you should be able to expect a good result.

Speak to a Professional

All the above information is very general. To make a decision about your next move and ensure it is right for you, reach out to an expert either close to home or in the area where you want to buy.
Whether you are looking to move into your first home, invest, sell or relocate to a new town, your real estate agent will be able to share location-specific information and help you make decisions with confidence.

Want to know what’s happening with property in your current or ideal location? Speak to the Professionals.