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As evidence of moves away from major cities continues to translate to the property market. A mass exodus from capital cities have pushed prices upwards, and there are fewer properties available for sale. Particularly on the Gold Coast and Sunshine Coast, it may be more affordable to buy than rent.
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Sydney and Melbourne sea-changers are major players in the SEQ property market. With expats the next wave to come…
Rent is now more expensive on the Gold Coast than in Sydney, as a mass exodus from capital cities drives prices through the roof. Rent prices for houses outside of major cities skyrocketed in the first quarter of 2021, with higher average rents recorded in coastal cities like the Gold and Sunshine Coast than in Sydney and Canberra.
Data from the ABS shows the exodus from capital cities has sustained well into 2021, as rent increases become more widespread across regional and coastal hubs. “The rents now on the Sunshine Coast and Gold Coast are comparable to the expensive parts of the ACT and Sydney,” Domain senior research analyst Nicola Powell said of the report’s findings.
Domain senior research analyst Nicola Powell said the unprecedented rent swell is the result of the ongoing trend towards sea and tree changes by capital city-dwellers, sparked by the shift towards remote working post-pandemic.
The figures align with data that shows the pandemic has accelerated sea-change trends, as evidence of moves away from major cities continues to translate to the property market. ABS data from February showed Australia’s capital cities had a net loss of 11,200 people in the last quarter of 2020, coinciding with the end of Australia’s first lockdown and the largest quarterly loss on record.
Interstate migration & expats return
Melbourne and Sydney sea-changers were major players in the market, seeking a similar lifestyle outside of the city. “In a normal market, once we get over summer and into winter, it dies off massively … but we’ve been waiting for things to slow down, and they haven’t,” Kernot said. She said she thinks this will only accelerate if and when Australia’s borders reopen.
“And the next thing is when overseas borders open, and those expats come back – that will be the next wave.”
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