Melbourne residents to make sea and tree changes, report predicts

Melbourne’s population could be in for a dramatic change in the coming years as many of those living in the inner-city could be looking to make a sea and tree change on the back of COVID-19.

New research from Ripehouse Advisory has found that the City of Melbourne could see its population growth fall by 5.78 per cent in the next few years. However, the number of people moving into the inner suburbs of Melbourne, including suburbs such as  Carlton, Melbourne, North Melbourne, South Yarra and Southbank, will still rise by 18.84 per cent.

Areas that have traditionally seen high levels of overseas migration are the ones that are likely to be hit hardest in the next 24 months as Australia’s tight border controls continue.

The report has also suggested that areas including Monash, Brimbank and Greater Dandenong regions, will see lower levels of population growth over that same period of time.

There will be some areas in Victoria that will buck the trend, with Benalla, in the state’s northeast, identified by Ripehouse Advisory as an area that will see strong population growth. The analysis has shown that the population in Benalla could increase from 5.08 per cent to 6.09 per cent.

The Northern Grampians region is also expected to see an increase in population growth by nearly 2 per cent, when pre-COVID the outlook was for a 2.47 per cent decline.

The analysis from Ripehouse Advisory has shown that many Australians now realise they don’t need to be living in the major cities for work, which could lead to big changes in the years ahead.

Employers have also become more prepared to operate with a working-from-home model, even after social distancing measures have eased.

CEO of Riphouse Advisory, Jacob Field, believes the changing population dynamics could be a real positive for the likes of first-home buyers who can now also take advantage of other stimulus packages such as the HomeBuilder grant as well as 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 ‘just 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.”

Mr Field said buyers were now looking to buy homes in areas two to three hours out of the key metropolitan CBDs.

He said these areas had not been reliant on overseas migration in the past and would benefit from sea and tree changers, who wanted the flexibility of working from home and occasionally commuting into the city.

“We are seeing a golden circle emerge around our key metro cities,” Mr Field said.

“It is fitting with the iconic Australian concept of ‘just 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.”

Mr Field said buyers were now looking to buy homes in areas two to three hours out of the key metropolitan CBDs.

He said these areas had not been reliant on overseas migration in the past and would benefit from sea and tree changers, who wanted the flexibility of working from home and occasionally commuting into the city.

“We are seeing a golden circle emerge around our key metro cities,” Mr Field said.

Complete article published on realestate.com.au.

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