He said people were “still keen” to buy in the area because a mix of working from home and the office was achievable for many.
“It makes that commute a hell of a lot easier [compared to commuting five days a week].”
Regional property markets, including Geelong, are outpacing capital city counterparts due to low stock levels in the face of elevated demand.Credit:Visit Victoria
While the balance of supply and demand had begun to even out in many cities, softening city property prices, homes were still hard to come by in regional parts of the country, according to Stephen Dullens, chief executive of Ray White Victoria and Tasmania.
“Interestingly where things have calmed down in the inner city, we’re still seeing listings increase be it in the Mornington Peninsula, Ballarat,” Mr Dullens said.
“Demand is still far outweighing supply and that trend has still continued. People are still looking for that lifestyle change and there is still a lot of flexibility with employees.”
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In Wollongong and surrounds, a strong commuter belt of Sydney 85 kilometres south of Sydney, there is demand from every direction, according to Michael Schlegel, director of Stone Real Estate Illawarra.
“Half of the sales we’ve made in the last month has been from Sydney buyers,” Mr Schlegel said.
But while they are still recording strong results, buyer inquiries and open home attendance is dropping by half, he said.
“It is starting to happen, we can see that the writing is on the wall. We’re still getting the prices, there’s no negotiating the value down.”
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Almost every state’s regional housing market outpaced its respective capital city except for the Sunshine State where regional Queensland property values grew 6.8 per cent in the past three months to March compared to 7.2 per cent rise in Brisbane in the same period.
Belle Property Noosa’s director, Ben Radcliffe, said regional property price growth would begin to slow down in coming months like capital city counterparts.
“The quarterly figures that you’re looking at now, they’re settlements of what happened in the last few months of last year,” Mr Radcliffe said, adding that it had eased in the past few weeks.
“Everyone was predicting as soon as the Queensland borders opened that there would be an influx of buyers, but that did not happen.”
While there was still firm interest from southern state buyers, it was not the boom they saw last year, Mr Radcliffe said.
“The numbers we’ve got inquiring on properties and numbers attending inspections is less than the last quarter of last year.”
With fewer restrictions, he believed that the focus on real estate has been pushed to the side and would-be buyers have begun “living their normal lives” again.
Is it too late to make a sea-change or a tree-change?
Source: Philippines Alive
