The Regions where properties are being snapped up faster.
The Regions where properties are being snapped up faster.
Megan Lieu – realestate.com.au
28 Mar 2022,
Since the onset of the COVID-19 pandemic, there has been an acceleration in the rate of migration to the regions and particularly to more affordable states. This has led to homes being sold much faster in these pockets than in Australia's largest capitals.
Data from the Australian Bureau of Statistics indicates that Queensland, Western Australia and South Australia have all experienced annual population growth.
Net interstate migration is also a contributor to this growth for all three states.
These interstate movements have prompted an increase in demand for housing within these states from potential owner-occupiers and also investors who are looking to benefit from the competitive rental market.
A similar trend is evident in regional NSW and regional Victoria, where people are moving from the capitals in search of more affordable homes.
There has been strong intra-state migration to regional New South Wales in pursuit of more affordable homes.
This strong demand has made conditions competitive for potential buyers in these areas.
To determine the regions where homes are selling quickly and buyers have less time to make decisions, we looked at areas that have seen the largest decline in the number of days it took a property to be sold after it was listed on realestate.com.au, from February 2021 to February 2022.
Dwellings in Brisbane Inner City region and the Barossa-Yorke-Mid North region just north of Adelaide saw the largest fall in days on site out of all SA4 regions.
Not far behind was the Logan-Beaudesert region near the Gold Coast, the Ipswich region near Brisbane, and the South Australia South-East region.
Properties in the South-East region in South Australia saw a large decline in days on site.
Most of these SA4 regions hold key attributes Australians have been increasingly seeking during the pandemic - affordability and a change in environment and lifestyle.
Though Brisbane Inner City is more expensive than other regions on the list, it is still more affordable than both Sydney and Melbourne and has seen significant inward migration during the pandemic.
Listed homes in the Bunbury region on WA's south coast also sold faster than they did a year ago.
With ongoing migration, Queensland, SA and WA as well as regional NSW and Victoria are likely to remain in demand.
As a result, conditions for sellers are likely to remain strong for at least the next few months.