Australian house buyers go outside the provinces
Australian home buyers move to suburbs rather than state capitals and metropolitan cities. In the regions outside the suburbs, house prices and rents reached the figures that the public could not afford.
Experts are most affected by the increase in real estate prices in Australia and Hobart and Gold Coast. House buyers fleeing Sydney and Melbourne moving to Hobart and Gold Coast. The most sought-after region in 2018 to get in online seeks was the Gold Coast.
According to a survey of the first 20 states, there are regions in Queensland, one of the most preferred suburbs. Seven of the 20 most wanted suburbs are from Tasmania.
Nerida Conisbee, chief economist of Realestate.com.au, supports people to live in suburbs.
“The lower price point is a good thing because if you have a look at what you can buy in Hobart with a fairly low deposit compared to what you can buy in Melbourne, it does give you more home and a better location for your money,” she told.
“That’s also been quite an attractive thing particularly for younger people who may not have had the opportunity to get a deposit together for a home in Melbourne.
“When we look at what’s happening in the last few years in both Sydney and Melbourne, that extreme pricing has really pushed people into looking at alternative ways to get into the market, and rentvesting is obviously a good way to do that.”
Tim Lawless, head of research at CoreLogic, says that being a property owner is always profitable for house buyers.
He told “Purchasing outside of Sydney and Melbourne as an investor has been a worthwhile option for many buyers,” he said.
“It does highlight the affordability constraints that have become formidable barriers to participating in the Sydney and Melbourne housing markets.
“Many buyers probably still aspire to owning a home in their local city and see the option of investing in other areas as a logical stepping stone on their way to more localised home ownership.”
Sevdenur Demir / [email protected]