City-slickers look to spread as stage 4 restrictions continue

Reflecting on 2019 data, regional property searches are up 43.9 per cent on last year’s figures, with Hume, Bendigo, Shepparton and Victoria’s regional north west all experiencing the biggest jump in property listing viewings.

Commenting on the data, Domain’s senior research analyst, Dr Nicola Powell, said the rapid acceleration of views per listing was initially supported by fewer newly listed homes for sale during periods of lockdown.

“However, interest has remained elevated as social distancing rules eased and more homes were listed for sale,” she added.

Prior to the pandemic, Dr Powell did note that the movement of residents from the city to rural areas was already underway, with demographic changes to areas tending to be “a gradual process rather than an instant switch”.

But “search behaviour suggests the trend towards regional living has been accelerated by the current health crisis”.

“Traditionally, affordability has been a key driver for a tree change, although the lower-density living and ability to work remotely could have been a deciding factor,” the analyst acknowledged.

Whatever it is, “the demand for a regional lifestyle has clearly been reignited.”

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