If Covid-19 has taught Sydneysiders anything, it’s that the once aspirational seachange or treechange is a little more attainable than they once thought.
When looking at the buying trends for the rest of the year, its evident people are feeling more comfortable with moving and the locations they’re moving to may surprise you.
According to Domenic Nesci, Wealthi co-founder, property commentator and advisor, this is because people are more comfortable with working from home.
“For many, working from home works,” says Mr Nesci.
“Businesses are swapping the large commercial leases for more of a hub and spoke model meaning employees can work closer to home and achieve the lifestyle change they desire.”
Nesci shares that the areas with pent up demand are generally made up of owner occupiers with great entry level capacity for millennials and first time investors.
“Commonly, we’re seeing greater demand in areas around the Central Coast, Newcastle, Macarthur, Canberra and closer to home Penrith,” says Nesci.
“Speaking to agents in all these markets, we’ve heard there’s been a strengthening in rents and more activity in the properties,”
“A number of agents in both Penrith and Macarthur have said they’ve seen rents go up by as much at $50pw for the bigger, newer homes.”
Realestate.com.au data suggests the median house price for Penrith is $640,000 which compares nicely to the median house price further north for the suburb of North Gosford which boasts a median house price of $610,000 yet is a stone throw away from the ocean.
Generally, the things we want to do that are typically hindered by lengthy travel and limited parking can now be on an individual's doorstep - if they opt to make the move.
“Working from home means the travel time “pain threshold” has either been removed or significantly lowered - our team only comes into the city twice a week,” says the Wealthi Co-Founder.
“Arrangements like this are why we’re seeing a big surge in brand new property since it attracts many of the government grants and if a homeowner wants to jump out it's less hassle to rent and get a good return,”
“Property buyers are looking for a spare room or two, which performs well in the rental market also and is pushing up the demand for the 3 to 4 bedroom properties,”
“A space to work is also favourable and the more considerate hosts want a spare room for their friends and family to spend the night.”
Australians are looking to spend less and get more - more space, newer homes and easier access to lifestyle.
“People are choosing to live closer to the beach, bushwalks, hiking trails and the outdoors, which is dragging them out of their small inner city units or homes and into more grand properties,” says Domenic Nesci.
“It's a reversion from being in the house, when you're working from home the day is fluid so it's easier to walk the kids to and from school, and for the lucky ones maybe escape for a lunch time swim,”
“The flexibility to work from home generally means you can make up that time with a few hours in the evening.”