House Prices in Regional Beachside Havens Flourish during COVID28 April 2021
The pandemic and lockdowns have led to a spike in search activity in regional Australia that has now translated into increased house prices, according to realestate.com.au’s inaugural REA Insights Regional Australia Report.
Realestate.com.au chief economist Nerida Conisbee said changes in the way people work and a resurgence in the mining sector are driving a big push into regional areas.
Before the pandemic, people were attracted to regional areas on the fringe of capital cities because of their affordability in terms of value for money.
Ms Conisbee said the biggest change since COVID-19 was that many of the regional areas experiencing jumps in popularity and pricing were not within easy commuting distance to a CBD.
The Byron Bay hinterland town of Bangalow in NSW is the standout performer in the Regional Australia Report for both long-term price growth and property searches on realestate.com.au.
Bangalow now ranks among the top 10 suburbs nationally in terms of the average number of views per listing (11,451).
“It is the first time a regional town has appeared in this list since we started tracking views per listing five years ago,” Ms Conisbee said.
Head to RealEstate.com.au to read the full article.
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