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The Regional Australia Institute (RAI) has some big ambitions for the country’s communities. A summit in Canberra will look at how these goals may be achieved.
Presented alongside the Real Estate Institute of Australia (REIA) and the Master Builders Association, the day-long event on 9 February is counting on perspectives from the real estate industry to lend necessary insight and data on housing outside of the country’s major and most populous cities.
Within eight years, the RAI aims to lift the vacancy rate above 3 per cent and for annual building approvals to keep pace with population growth.
But alongside the rest of the country, Australia’s regional communities have been dealing with low vacancy rates and a lack of supply in the sales market at a time when many communities are in a state of rapid growth.
And as the RAI noted, residential populations are only expected to continue to swell – as long as housing exists to meet their needs.
“Data shows us, over the last decade, [that] the number of people choosing a life in regional Australia has been growing. The COVID pandemic supercharged this momentum, and more and more people are ‘voting with their feet’, choosing the regions as the place they want to live, work and play,” RAI CEO Liz Ritchie commented.
“Capital city to regional relocations remain almost 12 per cent above the pre-COVID average, and a further 3.5 million people have reported a desire to move regionally. This surge in people, combined with strong regional job growth and the role regional Australia will play in the nation’s transition to net zero, are putting pressure on regional housing like never seen before,” she added.
The discussion, which will be held at Old Parliament House and also live streamed for online participants, aims to gather the best minds across industries that intersect with housing to discuss solutions to regional Australia’s needs.
Acknowledging that with so much diversity existing across Australia’s regional communities, Ms Richie stressed that a range of perspectives and case studies would be presented to serve as inspiration.
“Regional Australia is far from homogenous, and what might work in Bendigo likely won’t in Bowen or Broken Hill. Adaptable initiatives that allow for place-based input need to be at the heart of addressing this issue, which is putting a stall on the regions’ ability to thrive,” she said.
REIA president, Leanne Pilkington, added that the event offers a valuable opportunity for real estate professionals to both discover and share the opportunities and challenges present in Australian communities.
“In no scenario will Australia thrive without our regions being serviced properly, with key sectors of the economy like resources, agribusiness and emerging renewables all requiring sufficient housing infrastructure moving forward.
“I encourage regional agents and businesses to get involved in this essential event,” Ms Pilkington said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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