Property market update: Melbourne, July 2022
Melbourne continued its downward spiral in July, as the property values in the city recorded deeper declines during the ...
With Australians working from home, 30 locations are tipped to be the beneficiaries of this lifestyle change, a property researcher has found.
Propertyology’s head of research, Simon Pressley, believes locations that offer foodie cultures, beautiful winery regions, sea changes and many amazing inland wonders will enjoy considerably increased housing demand for many years to come.
Mr Pressley describes Byron Bay as Australia’s best community prototype to have already adopted a work-from-home demographic.
“A significant 13.4 percent of Byron’s workforce nominated ‘home’ as their primary work address at the 2016 census. That is three times the national average of 4.7 percent,” said Mr Pressley.
In addition to having one of the largest WFH workforces in the country, Australia’s 73rd biggest town (population 35,000) has the highest median house price in the country ($995,000 in June 2020).
“Over the last 20 years, no Australian location, capital city or region had a higher average annual rate of capital growth than Byron. One shouldn’t underestimate the role that work from home played in this outcome,” the researcher said.
Mr Pressley said that it is anyone’s guess what the WFH population might grow to, but the scope is considerable.
“It is a logical conclusion. The pandemic restrictions have encouraged people to review life’s priorities. A segment of our population will embrace technology to enhance their lifestyle,” he explained.
Propertyology pointed out that 46 per cent of Australia’s workforce of 13 million people fall within the categories of professionals, managers and clerical assistance.
“Examples of roles that can comfortably service their customers no matter where they live include lawyers, accountants, journalists, mortgage brokers, call-centre operators, engineers, marketing consultants, web designers, analysts and graphic designers, after trialling it ourselves during the national lockdown,” said Mr Pressley.
In addition to Byron Bay, the Australian locations that had the highest portion of WFH employers at the 2016 census include but are not limited to:
Coastal locations: Surf Coast Vic (12.8 percent), Kiama NSW (11.4 percent), Noosa Qld (10.8 percent), Esperance WA (8.8 percent), Ballina NSW (8.3 percent), Bass Coast Vic (8 percent), Victor Harbour SA (6.9 percent)
Other locations with WFH appeal include Orange, Cessnock and Albury (in NSW); Cairns, Townsville, Hervey Bay and Yeppoon (in Queensland); Kingscliff and Batemans Bay (in NSW); Bendigo and Warrnambool (in Victoria); Hobart and Launceston (in Tasmania) and Geraldton (in Western Australia).
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.