Lower density living, affordability, lifestyle and the increasing awareness of working from home are just some of the reasons more people are considering the move.
Real Estate consultant Brian O’Shea from Paull & Scollard Nutrient Ag Solutions in Corowa said he expected an influx of people from Melbourne coming up to purchase property once restrictions eased.
“While we have had plenty of interest in Melbourne, they haven’t been able to come up and inspect properties and unlike a lot of other industries, you can’t sell property online,” Mr O’Shea told The Free Press.
“We have had plenty of enquiries from people living in Sydney and Canberra too. So, it’s not just Melbourne.”
Mr O’Shea said the reason for moving here was obvious.
“This area is Australia’s best kept secret. Life on the Murray River is pretty incredible. Why wouldn’t you want to live here?” Mr O’Shea said.
A recent report by the Regional Australia Institute (RAI) on population movement of Australians has found an increasing flow of people are moving away from capital cities to regional areas such as Corowa.
The latest census shows that between 2011 and 2016, regional Australia attracted 65,000 more new residents than the capital cities. The Regional Australia Institute believes coronavirus will help the trend continue.
The REA Group believe the COVID-19 pandemic is poised to drive more of an exodus of people from Australia’s biggest cities as families bring forward plans to make a tree-change or a sea-change, especially the Mornington Peninsula.
A recent article posted on REA Group’s realestate.com.au online platform highlighted many regional areas particularly north of the state are experiencing a growth of medium house and unit pricings for the three months to August.
The article mentioned affordability as an increasing factor of interest in regional property with figures released in early September confirming the Australian economy has shrunk by a whopping 7% amid the health crisis. It’s now more likely than ever that Australians will be looking at ways to bring down their household costs by moving to regional areas.
Border Property exchange director at Corowa Emma Webb acknowledged that while there was plenty of interest in recent months from Melbourne buyers, the trend wasn’t solely because of COVID-19 restrictions.
“We haven’t seen the masses as predicted so I wouldn’t say COVID has brought more buyers from the city. It’s been lifestyle choice to come here for quite a few years now,” Ms Webb said.
“Our vacancy rate is less than one percent, and the prices for rental properties is up by 30-40 dollars more than this time last year.
“What’s driving the market at the moment is the lack of listings. There is more buyer demand per property, so it has created more competition.”
Border Property Exchange sales consultant John Fraser said most of the interest in properties in Corowa is from retired people.
“Older people like the lifestyle up here and many of them are encouraging their friends to move up with them. We have all the amenities here. The two clubs especially are a big drawcard,” Mr Fraser said.
“One of the biggest factors for older people moving here is the choice of medical facilities all within 40 minutes of Corowa. You have the choice to go Albury, Wodonga, Wangaratta, Yarrawonga and of course our hospital here. In Melbourne the nearest hospital can be well over an hour away,” Mr Fraser said.
The RAI report also anticipated more activity once restrictions are lifted in Melbourne. The institute’s CEO Liz Ritchie said the move to working from home could see further population growth in regional Australia.
“If location is no longer a barrier for employment, it’s possible that the trend line over the next decade could see an even greater swing to regions,” she said.
