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Are you thinking about a change of scenery in 2023?

Throughout recent years, there has been an increase in people moving out of the cities to more regional areas looking for a quiet and more relaxing lifestyle. Many analysts thought this trend would end after the lockdowns of COVID ended, but a new report by buyers’ agency Hotspotting says otherwise. Enter Australia’s regional exodus.

Is the need for change driven by the pandemic?

It’s a good question. And in short, no. Buyers’ agency Hotspotting reports state that the migration of city dwellers to the regions started well before the pandemic. Reports show it has been building for the past 5–6 years, and the need for change is more about enabling people to access affordable housing and a better lifestyle. Hotspotting’s Terry Ryder says, “It’s a long-term trend, and it’s here to stay.”

What it looks like the pandemic did was increase an existing trend.

The Regional Australia Institute’s (RAI) Regional Movers Index report found migration from capital cities to regional Australia increased by 16.6 per cent during the 2021/22 financial year when lockdowns occurred.

During this period, it seems that some people left metropolitan areas for various reasons, including to retire, downsize, find more affordable housing or for lifestyle reasons such as a slower pace of life.

Regional centres like Geelong, Ballarat, Newcastle, the Central Coast and Sunshine Coast have all boomed on the back of this demographic shift.

Ryder says people will continue seeking a tree change or sea change in regional locations that offer cheaper prices, an attractive lifestyle, higher rental yields and good potential for price growth.

2022 regional hotspots

If you’re thinking about change, the Regional Movers Index report  identifies the top 10 regional areas tipped for major growth:

  • Onkaparinga, SA
  • Mandurah, WA
  • Toowoomba, Qld
  • Port Stephens, NSW
  • Mitchell Shire, VIC
  • Townsville, Qld
  • Geraldton, WA
  • Yeppoon, Qld
  • Murray Bridge, SA
  • Bundaberg, Qld

Some of the drawcards enticing city dwellers to regional towns include affordable property prices and good transport infrastructure. Take Toowoomba, for example; the $1.6 billion Toowoomba Second Range Crossing and $15 billion Inland Rail Link, along with affordable housing (in the vicinity of $385,000) is luring residents from their city abodes.

Thinking about a fresh start in a new location?

If you would like to consider options, whether you sell and buy somewhere else, rentvest or add an investment property to your portfolio. Get in touch today. We’ll help you to explore finance options to suit your needs.

Disclaimer: The content of this article is general and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal, nor to imply any recommendation or opinion about a financial product. It does not consider your personal situation and may not be relevant to circumstances. Before taking action, consider your circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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