Affordable housing issues drive more Australians out of the city

Lower housing prices could lead to a second wave of growth in Australia’s regional housing market, as buyers are driven from cities to cheaper areas.

Eliza Owen, head of research at CoreLogic, told Australians that most capitals were sitting at record highs, so they are likely to move to the periphery of big cities or to the center of more affordable areas.

“It also creates additional pressure for evacuation in some of those regional centers, and eventually prices are no longer affordable to the locals.” Owen said.. “It can cause confusion and can have a spillover effect on purchases in a variety of areas.”

Despite growing concerns about affordability, financial comparison site Canstar In the survey 38% of over 800 Australians believed it was a good time to buy real estate now.

Those who agree that rising prices and falling mortgage rates are cited as the main reasons will not continue to add government purchase incentives forever.

But 39% aren’t in a good time because soaring home prices are lowering affordability, believing that the real estate bubble will burst, and too much competition from limited supply. I thought.

Steve Mickenbecker, a financial expert at Canstar, said nearly the same number of people who believe in good or bad times to buy indicate that the market is slowing down.

“Sentiment seems to be shifting from today’s overheated market,” Miken Becker said.

Epoch Times Photo
On October 28, 2020, you will see a sign for sale outside the unit block in Sydney, Australia. (AAPImage / Dan Himbrechts)

Data from As revealed by the Australian Bureau of Statistics (ABS) in 2020, Australia has experienced the largest net influx from the capital to the provinces since 2001.

Queensland experienced the largest net inflow of all states and Sydney experienced the largest net loss of all capitals.

RMIT associate professor Andrew Bat said the federal government should spend its budget to “relieve pressure” on Australian cities.

“Opportunities for work decentralization and better transportation links are clear, and forecasts of declining population growth in big cities suggest that this is the time for this investment.” Bat said.. “This requires infrastructure support, such as telecommunications and housing diversity.”

“In cooperation with states and territories, the federal budget should target housing choices and affordability in the Australian region,” Bat said.

The local market last year sought people to live and work in quieter areas, and many Australians saw the opportunity to work from home as a positive experience and wanted to continue doing so, unprecedented. Has grown.

National Australia Bank Health Wellbeing Insight Report It turns out that Australians now usually spend one-third of their working hours at home and the other two-thirds in the office.

“Australian people believe that the biggest positive benefit of working from home is being able to get the job done,” NAB said.