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A “revival of interest” is hitting Victoria’s regions, with Hume and Bendigo just two of the winners as potential buyers swerve away from the city.
Analysis of property search trends by Domain has found that interest in regional Victorian properties is at its highest level in at least four years.
This interest in regional property searches from prospective house hunters first jumped in the first lockdown back in March, but Domain said levels have remained elevated ever since.
Reflecting on 2019 data, regional property searches are up by 43.9 per cent on last year’s figures, with Hume, Bendigo, Shepparton and Victoria’s regional north-west all experiencing the biggest jump in property listing viewings.
Commenting on the data, Domain’s senior research analyst, Dr Nicola Powell, said the rapid acceleration of views per listing was initially supported by fewer newly listed homes for sale during periods of lockdown.
“However, interest has remained elevated as social distancing rules eased and more homes were listed for sale,” she added.
Prior to the pandemic, Dr Powell did note that the movement of residents from the city to rural areas was already underway, with demographic changes to areas tending to be “a gradual process rather than an instant switch”.
But “search behaviour suggests the trend towards regional living has been accelerated by the current health crisis”.
“Traditionally, affordability has been a key driver for a tree change, although the lower-density living and ability to work remotely could have been a deciding factor,” the analyst acknowledged.
Whatever it is, “the demand for a regional lifestyle has clearly been reignited”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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