The populations of Corowa and Benalla could see significant growth in the next three years as the way we work and live changes in the wake of COVID-19.
A new study labelled The Great Australian Shift by property researcher Ripehouse Advisory has predicted that Corowa could see a 14.9 per cent increase in its population as many Australians move away from inner-city areas. According to the Ripehouse Advisory research, Corowa will see the third-largest population increase in the country.
Other areas across Victoria that are expected to benefit from the population shift will be Benalla, which could see growth of 5.08 per cent making it the eighth largest population increase in Australia. While Wodonga is expected to see its population increase by 3.22 per cent. Albury is another town that is expected to see a population shift, with a 1.4 per cent increase in the coming years.
Ripehouse Advisory believes that there are a number of factors that are leading to the changing population dynamic, with an increasing number of residents looking for a sea or tree change. Following the pandemic, many individuals and businesses are now realising that they are able to operate with a remote workforce. In light of this the opportunity to live in regional areas is expected to increase
Chief executive Jacob Field said two to three hours from the key metropolitan markets will form a “golden circle", and locations not reliant on international migration, were likely to benefit most.
"Regional NSW and Victoria are already somewhere that we've felt very bullish about, very positive about, and this has further reignited that," he said.
"Sea and tree changes are nothing new, but due to COVID, a larger influx of people are saying 'Hey, we've now got this option'.
"Now the positives outweigh the negatives of picking up and moving."
129 property industry professionals, including economists, academics, valuers and agents, contributed to the study.