Pandemic-Proof Regions of Australia
Despite the economic fallout of COVID, there are certain regions that have shown resilience, standing strong despite the pandemic.
The regional areas across the nation have been positively impacted, with median property prices growing in 3 months to August 2020. This has been greatly due to the desire of a lifestyle change. With the increasing normalisation of remote work due to the pandemic, there is a distinguishable interest in outer-city living.
Western Australia has seen a strong price growth, while mining-linked regions have seen a strong price growth, reflecting the strong demand for commodities during this period. The spot with a median house price increase within the three months is Donnybrook-Balingup, just south of Perth.
In New South Wales, Warrumbungle Shire, 120km North East of Dubbo, claimed the top spot for house price growth with a jump of 61% to $230,000.
Victoria has seen the house prices increase in areas such as Loddon, with a median growth of 44% whereas unit prices in the border town of Mildura have risen significantly also.
These price growths within regional towns can be attributed to the fact that people are moving towards access to strong commodities – as seen with the link in price growth in mining towns, along with the relative price comparison between the regional towns and the expensive city prices.
Information collected here.