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A “tectonic shift” has been identified with more city slickers looking to forgo the big smoke and buy up in coastal areas, according to Raine & Horne.
Angus Raine, executive chairman of the property group, said popular coastal and regional real estate markets around Australia are benefiting from a shift in demand as more people seek alternatives to the big smoke.
“Because of COVID, more Australians have realised they can work out of the office for one or two days per week, and thanks to faster internet connectivity, this work can be completed from a home located within a three-hour commute from a capital city, or even much further afield,” Mr Raine said.
Brett Hunter, principal of Raine & Horne Terrigal, added: “Currently, we are selling around 60 per cent of our housing stock to Sydneysiders who are moving to the coast to live.
“The Central Coast has always been a popular destination for Sydney sea changers. However, the impact of COVID-19 has driven up demand from buyers seeking to move away from the city.
“Apart from excellent real estate value, the pandemic has allowed more buyers to recognise they can work from home on the Central Coast but still be in Sydney faster for a couple of days of work.”
The soon-to-be completed North Connex will slash the daily door-to-desk commute to and from Sydney by around 30 minutes a day, driving demand further, Mr Hunter said.
“Our region offers city buyers a fantastic coastal lifestyle, while they can sell up in Sydney and downsize to the Central Coast to reduce their mortgage debt,” he explained.
“This combination of compelling factors is helping to drive demand for Central Coast property for sure.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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