The recent health crisis has been a catalyst for change in so many ways. The unprecedented change in the way we live, interact and work has forced us into a “new normal”. The pause in our busy every day lives has made us re-evaluate how we have been living so far and made us realise what we really value in life.
Most of us have literally spent the year cooped up in our homes, trying new hobbies, renovating and thinking of relocating. A desire to live a simpler life has encouraged many Australians to move out of busy cities and settle into peaceful regional areas.
Why Australians are Relocating
The Rise of WFH (Work from home)
The April 2020 lockdown has forced 46% of the workforce to work in the safety of their homes. 56% of whom were women. Despite the distraction of pets and kids, 65% of Australians actually found that this new setup helped them improve their work/life balance while 82% said it helped them save time through a reduction in commuting and preparation. With productivity rising, 45% agree that this trend will last even after the virus. The discovery that we can work anywhere has encouraged families to relocate to regional areas.
In September 2020, the median dwelling value for the combined regional areas was $397,791, 37.4% cheaper than the $635,196 combined capital city median. People can enjoy larger houses at a lower price.
Desire for a Change in Lifestyle
The pandemic has amplified our desire to live simpler lives. The space, tranquility and fresh air that comes with living away regionally is no longer a dream out of reach now that we have the option to work from home.
Rise in the Number of Regional Jobs
In regional NSW, the number of jobs increased by 4.81%. A 4.11% increase in regional Victoria and 3.82% increase in regional Queensland was also observed. In previous years, growth was a little negligible so these numbers are really an upgrade.
Regional housing is still the number one choice for retirees. It’s where they see themselves building families and growing old. With the government supporting regional projects, an increase in jobs and the option to work from home, people are moving to their forever homes earlier than planned.
Trends in Regional Relocation
Larger Homes Win
People move to regional areas for the long haul. They want bigger, more affordable houses with a lot of room and space to grow their family. They want to build a place where they could rest and stay 24/7. It’s normal to expect renovations to build a gym, office, playroom and more.
Regions with Airports will be Favoured
In NSW, Albury, Orange, Coffs Harbour and Port Macquarie can expect to garner a greater share of people relocating as they have an airport nearby. Other areas like Bendigo and Mildura in Victoria; Gold Coast, Sunshine Coast, Toowoomba, Rockhampton, Cairns and Townsville in Queensland can expect the same. Their popularity is evidenced by a spike in the housing prices. In the City of Orange alone, house prices rose by 5.4% in value this August 2020.
Ease of Transportation
Satellite towns close to the capital with easy road and train access are favoured by those relocating. Popular satellites include Newcastle, the Illawarra, Blue Mountains and Central Coast in NSW; and Geelong and Ballarat in Victoria.
The lifestyle and behavioural changes brought about by COVID will no doubt add to the unpredictability and volatility in the market. For many real estate agencies, it is a time to focus on how they can minimise expenses while still driving business growth and opportunity through customer service excellence and improved operational efficiency.
If your real estate agency would like to reduce operating costs while also improving productivity Universal Property Systems can offshore your real estate administrative roles and save your agency between $100,000 and $400,000 (depending on the size of your agency) per year.
Our global team members are trained and monitored by Australian real estate industry veterans with years of experience. Transitioning to offshoring will help your business gain a competitive edge without compromising the quality of your customer service or your brand’s integrity.
If you are a decision-maker in a real estate agency and you would like to explore how you can reduce your costs give our Customer Relations Manager, Sarah Sandas, a call on 0456 003 440 or email us at email@example.com