Metro Melbourne surpasses $1m mark for the first time
While it has lagged behind other capital cities in post-pandemic recovery, Melbourne has now cemented its resilience, re...
Located in the Central Queensland region, Mackay has become one of three property affordability hotspots in Queensland as buyers flock to the regions in search of a lower mortgage and a better lifestyle.
In a sign that the city exodus will not slow down anytime soon, Mackay has emerged as one of Queensland’s hotspots as buyers priced out of Brisbane flock to regions offering owner-occupiers and investors more bang for their buck.
Property expert Terry Ryder, from hotspotting.com.au, believes the exodus identified in a Property Investment Professionals of Australia survey has been bolstered by technology advancements and the worldwide COVID-19 pandemic.
“The exodus to an affordable lifestyle has been quietly gathering pace for several years now, and while the pandemic might not have started it, it certainly has helped drive one of the biggest trends in Australian real estate to new levels,” Mr Ryder said.
“While pre-COVID living in a regional town and working for a city-based company may have seemed impossible, the lockdown phase has shown both employees and employers they can effectively work from home and no longer need to battle peak hour traffic to be productive.
“As many have discovered during the pandemic, it doesn’t really matter if that quiet room is the suburbs or a couple of hundred kilometres away in an affordable regional city.”
The PIPA survey discovered the top locations for buyers to migrate to included regional NSW (21 per cent), regional Queensland (18 per cent), Brisbane (16 per cent) and regional Victoria (14 per cent).
“Property owners can sell up in a capital city and buy something of the same standard in a regional or lifestyle area for half the price – and either significantly reduce their mortgage or find themselves mortgage-free with money left over,” Mr Ryder said.
“That’s a very appealing proposition particularly for young people starting out who are looking for a realistic way to enter the property market.”
Mr Ryder opined that the more money the government pours into improving transport connections to regional towns, the more this trend will take hold.
“The big infrastructure spend evident in the federal budget provides evidence that there is plenty more of this to come.”