PHOTO: Regional property market
REA Group Chief Economist Nerida Conisbee says regional Australia has been one of the “key beneficiaries” of the pandemic with record numbers of people moving out of the cities. “If you have a look at a lot of the government policy over decades there has been a focus on trying to get people to regional Australia, but it has been a slow trickle,” she said. “Prior to the pandemic people were moving to regional areas such as Wollongong and Geelong, those areas did pretty well, but more broadly we were seeing a drain to capital cities”.
Ms Conisbee told Sky News there has been a reversal of this trend over the last two quarters with record movement to regional Australia. “It is very unusual to see this and it is primly as a result of people looking for more space,” she said. “Changes to the way that we work … has freed up the ability for people to live where they want.”