City dwellers seeking a tree or sea change have caused regional house prices to skyrocket in recent years. Over the past 12 months, regional house prices have jumped by almost 30%, according to REA Group’s PropTrack Regional Australia Report 2021.
The rise of ‘city skippers’ in recent years has led to record-low regional housing stock and tight competition, driving up house prices.
The report says houses are selling for more than 10% above their original asking prices in many regional centres, including Newcastle and Lake Macquarie, parts of South Australia, Launceston and Geelong. But Queensland is attracting the most ‘city skippers’, as the Sunshine Coast and Gold Coast garner the most searches on realestate.com.au.
Additionally, these spots are among the most in-demand areas for buyers – spots on the Queensland’s coasts have risen by up to 54% and experts predict the boom isn’t yet over.
This is backed by recent ABS migration data, which reveals that Brisbane gained 3,330 people over the last quarter, while Melbourne and Sydney lost 8,300 and 8,200 respectively.
“It appears many ‘city skippers’ have sought out regions that remain on the outskirts of metropolitan areas, within a one to two hour commuting distance of major capitals,” says Eleanor Creagh, PropTrack Senior Economist.
