Follow the lifestyle
Q WHERE ARE THE BEST PLACES FOR OWNER-OCCUPIERS AND INVESTORS TO BUY AS WE MOVE ON FROM THE PANDEMIC?
This year has seen some exceptional growth in house prices. Despite having the lowest growth out of all the capitals, Perth and Melbourne, with 18%, had some of the highest 12-month price increases seen in these two cities in recent memory.
At the other end of the scale, Sydney property owners have been the beneficiaries of a phenomenal 29% increase in house prices over the past year.
This growth has been driven mainly by Covid and a shortage of supply. The pandemic will continue to shape the property market in 2022 and beyond.
Covid’s future impact will be based on the fact that many of us will be working from home for at least part of the week. Its impact will be twofold: what we live in and where we live.
As we will spend more time at home, both tenants and owner-occupiers will seek places that are conducive to working from home. For instance, a study with plenty of natural light will be a key attribute. Homes with good quality, reliable and fast internet will also be highly sought after.
Working from home will also affect where we live. Research has shown that the less often you have to go to work, the further away you are willing to live from your workplace. The central business district of major capital cities has the highest concentration of jobs and, despite the work-from-home trend, the CBD will continue to be an important consideration with regard to working and living. However, the urge to live very close to the city won’t be as great, as a significant amount of people won’t need to travel to work every day.
It will be the lifestyle localities in our metropolitan areas and within commuting distance of our major capital cities that will benefit from more of us working from home.
If you are looking to capitalise on these trends and buy property that will have significant capital growth as a result of this move towards lifestyle areas, you might like to consider the following localities:
NSW: Northern beaches of Sydney, Central Coast, South Coast. If you’re buying on the Central or South Coast, look for areas that have easy access to the Sydney CBD.
QUEENSLAND: Sunshine Coast, especially Noosa Heads and Maroochydore.
SOUTH AUSTRALIA: Port Noarlunga, Port Noarlunga South, Moana, Victor Harbor region.
VICTORIA: Mornington Peninsula, Surf Coast – focus on towns with direct train access to the Melbourne CBD. WESTERN AUSTRALIA: Safety Bay, Secret Harbour, Port Kennedy.