Many-a-city-dweller has dreamed of an escape to the country while stuck in the rush and congestion of a daily commute, but the impact of lockdowns and sheltering-in-place due to the global pandemic has pushed more people to explore the concept further.
What folk are realising, as they sit in their small apartments or Lego-like suburbs, is how much they long for a house on a large block, with room for gardens and a grassy yard, space to host a BBQ and place for the kids to play.
In regional New South Wales, quiet leafy neighbourhoods can still be found where residents are happy to talk over the fence, share their surplus and keep an eye out for others. This great sense of community and feeling of belonging is something that every Country Changer we’ve spoken to has mentioned, and what could be more tempting than that?
Well, affordable housing is a fairly tempting carrot to dangle before someone wanting to get into the property market or to diversify their investments. And unlike in the city, the two are not mutually exclusive in the Riverina.In fact, based on affordability, property trends, investments, project development and unemployment rates, the Greater Hume Region has recently ranked at number 7 in the Top 12 Resilient Regional Areas in a study done by PRD Nationwide’s Research Hub.
As housing is a high commitment, high confidence purchase decision, it’s not unexpected that COVID-19 has caused confidence in the housing market to drop. However, Cameron Kusher, Executive Manager Economic Research at RealEstate.com.au, reports here that “the rebound out of this crisis will be quite positive.
”Unsurprisingly, regions close to large city centres have always been in the highest demand. However, the boundaries of these geographical areas are very likely set to grow as more and more people opt for the bounties of regional living.
Terry Ryder, a real estate forecaster, recently reported that “any market that’s got a university and a major hospital, is going to be a centre of great demand for real estate.” With the largest inland city in the Riverina hosting Charles Sturt University and the Wagga Wagga Base Hospital (among many other educational and health facilities), Wagga Wagga looks set to reap the rewards of this forecast.
The regional areas of Australia are not only already more affordable, but James MacSmith of RealEstate.com.au has also found through his research that, “Australian home prices have fallen for the third successive month, due to the economic impact of the COVID-19 pandemic.” The Federal Government’s recent stimulus packages and record-low interest rates have provided motivation for buyers already leaning towards purchasing in regional areas. Extra incentives are also helping. Such as the First Home Loan Deposit Scheme which allows first home buyers to purchase an eligible property with a deposit of only five per cent, and without the usually obligatory lenders mortgage insurance. In addition to this is the recent change to Stamp Duty thresholds in New South Wales. This combination of factors will likely achieve the aim of boosting both the economy and buyer confidence. Such financial support schemes act as a catalyst for many looking to buy a home, and they will no doubt compound the benefits that the affordable house prices in regional Riverina towns already offer.
There is no denying the adverse effects of COVID-19. However, the changes it has brought has allowed many people to experience a different way of life. Greater workplace flexibility during the pandemic has seen business owners and employees work from home. While it hasn’t all worked smoothly, this crisis has proven that in many cases this modality is not only possible but preferable for many people.
Those now considering working remotely have lifestyle options that were not available to them when tethered to a workplace. In some cases, the purchase of a larger home might even be necessary to accommodate such a change. With regional towns providing a lot more ‘house-for-dollar’, savvy buyers will most certainly have the Riverina on their radar.
If you’d like some help with making your escape to the Riverina, get in touch for guidance and connections on housing, jobs, neworks and more!
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