Hybrid work has reshaped the work-life balance in Australia and may well reshape our real estate market as well.
New research from Well Home Loans has identified the next big real estate markets in Australia at the suburb-by-suburb level, and a clear trend is emerging: Across the country, homes located in outlying areas of the city but within a reasonable commute times a week are the next big thing.
Deebing Heights, Springfield and Jimboomba in Brisbane’s suburban Ipswich Corridor lead the rankings, with ads spending less time in the market in the past three months.
Similarly located suburbs in New South Wales, such as Wilton and Denham Court on the other side of Campbelltown, also ranked very high.
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Scott Spencer, CEO of Well Home Loans, said those specific suburbs were the beneficiaries of people who now only had to work from an office one day a week and therefore could now live further away.
“This is something that we saw as a demographic shift during the pandemic,” Spencer said. “I’ve seen it in the media over the last few months as ‘the big resignation’, where people are watching this work / life balance.”
“The ‘day laborer for a day’ is a good way to describe it: if you only go to the office one day a week, then the other four working days, you look at where you want to live rather than where you want to work. . “
The last edition of the report showed strong unit growth, but this has now largely been replaced by homes further away.
“People look at their working conditions, then look at homes that are suddenly affordable in other suburbs that are not close to work, but where it’s no longer an inconvenience,” Spender said.
“In Victoria, the number one ranked suburb is Huntly, which is outside of Bendigo. It’s out of town. My own neighbors just moved from downtown Melbourne to Daylesford because they didn’t need to be in an office. They loved this area and decided to settle there.
The price range in these areas is also notorious: as Sydney and Melbourne push the median house price by $ 1 million, these more affordable areas are becoming increasingly viable for first-time buyers.
“In New South Wales, the average ranged from $ 280,000 to $ 930,000,” Spencer said. “In NSW and Victoria, every other report we see is asking first-time homebuyers to shell out $ 1 million for a home. It’s interesting to see these markets that are not in the millionaire’s club.