Midyear state of affairs: A closer look at the country’s markets
With market conditions changing at varying degrees across the country, seven experts from Property Investment Profession...
Properties located on the outer skirts of a city are likely to enjoy an upswing in demand, a new report has found.
According to a recent poll by PRDnationwide, 58 per cent of Australians do not mind travelling 30 minutes to work.
PRDnationwide research director Aaron Maskrey said five hours travelling a week, or 260 hours a year, was becoming more acceptable.
“As our capital cities struggle with a growing population, more home buyers will be facing longer trips to work as inner city land becomes overcrowded.”
Mr Maskrey said there are pay-offs for long trips -- such as bigger blocks or cheaper housing.
“Most of the time it is bearable if they get to go home to their beach shack or country getaway or aren’t drowning in debt from high inner city mortgages,” he said.
Nardia Guillaumier from PRDnationwide Dapto, in NSW, said people are willing to travel further to work if it means owning a cheaper property.
“High income earners who spend hours away from home, look for the lifestyle locations more so than proximity to work,” she said.
“They will travel further to ensure that their family has the desired lifestyle with less concern about price.”
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.