A new ‘golden circle’ could be set to emerge around our major capital cities as the Australian population makes some big changes in the wake of COVID-19.
A new study from Ripehouse Advisory has found that there are a number of these emerging areas that will see much higher than previously forecast population growth over the next 24 to 36 months.
The research drew on the expertise of 129 property professionals from across Australia and suggested that home buyers would be looking to purchase in bands within two to three hours drive around the major metropolitan cities.
Ripehouse Advisory CEO Jacob Field said these areas stood to benefit greatly from both sea and tree changers who wanted to now start working from home, while still having the ability to commute to work.
“The research found the middle ring suburbs of Sydney, Melbourne and Brisbane, such as Parramatta, Southbank and Kingaroy could be the most affected by what we have termed The Great Australian Population Shift,” he said.
“We are seeing a golden circle emerge around our key metro cities.”
“Regional NSW is set to benefit most from the post-COVID population shift, followed by Queensland and South Australia.”
Areas in South Australian that look to benefit the most from the coming population changes include Kapunda, Port Wakefield, Normanville, Clare and Mount Gambier.
Mr Field said the areas like Adelaide’s CBD, would be examples of the types of locations that would be impacted the most in the next 18 months to two years.
“Strict and lengthy public health restrictions during the height of the pandemic sent the majority of Australians into virtual lockdown, and many have since realised they don’t need to be living within proximity of major cities and workplaces,” Mr Field said.
“Employers have also embraced the working from home model, with many encouraging workers to continue even as restrictions ease.
“Some employers are only requiring staff to return to office locations for 20 to 40 per cent of their working week.”
According to Mr Field, this is going to be a real positive for first home buyers who are now able to look further from the inner-city markets, while also capitalising on record low interest rates as well as the current Government incentives such as HomeBuilder.
“A changing Australian population landscape is providing a once-in-a-generation investment opportunity,” he said
“It is fitting with the iconic Australian concept of ‘have a go mate’, that through adversity, we see first-home buyers and young aspirational investors set to benefit most for the positive elements of this population shift.”
The report from Ripehouse Advisory found 10 Australian suburbs where previous population growth forecasts, for the next three years, were set to significantly rise.
The study also found blue-chip, upper socio-economic suburbs in key metropolitan areas would be largely unaffected by the population shift.
At the same time over half of those involved in the study (56.3 per cent) including many presidents of the state real estate institutes, believe property prices will be higher in 12 months time. This was a sharp increase from April when the same survey found only 28 per cent of the experts felt prices would be higher.
“There is no question that the past few months are going to bring major changes to the way we live and the types of properties people will be looking at will also be changing,” Mr Field said.