A new ‘golden circle’ is set to emerge in regional NSW, as the broader Australian population adjusts to life after COVID-19.
New research from Ripehouse Advisory has identified a number of emerging outlier areas that are expected to see much higher population growth than previously forecast.
The research indicated that home buyers would be looking to purchase in the regional bands located within two to three hours of the key metropolitan centres.
Ripehouse Advisory CEO Jacob Field said these emerging areas would benefit from sea and tree changers who were wanting to take up increasing opportunities to work from home, while still having the ability to commute to the major cities as required.
“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,” Mr Field said.
“Regional NSW is set to benefit most from the post-COVID population shift, followed by Queensland and South Australia.”
Some of the areas leading the population shift include Muswellbrook and Corowa in NSW, Dalyellup in Western Australia, Kapunda in South Australia, Mackay in Queensland and Benalla in Victoria.
Mr Field said the Ripehouse Advisory research suggests that areas heavily reliant on overseas migration, such as Parramatta in Sydney and parts of Melbourne’s and Adelaide’s CBD were likely to be most impacted by the population shifts post-COVID-19.
“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.”
Mr Field feels this change is a positive one for first home buyers, who can now cast their net wider and find more affordable areas. While also taking advantage of some new Government incentives such as the HomeBuilder scheme on top of record-low interest rates.
“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.”
Ripehouse Advisory identified the top 10 suburbs where previous population growth forecasts, for the next three years, are set to dramatically rise and fall.
10 SUBURBS WHERE POPULATIONS ARE SET TO RISE
10 SUBURBS WHERE POPULATIONS MAY FALL
|South Bunbury, WA||-11.6%|
|Melbourne CBD, VIC||-5.7%|
|South Perth, WA||-4.7%|
|Adelaide CBD, SA||-3.3%|