The destructive effects of Covid-19 round the world are very documented, and the real estate market in Australia is not exempted. Inevitable drops in the level of market activity occurred, as expected. This resulted from a lot of buyers pulling back from purchasing property, so sellers were left with no one to buy.
The horizon is changing, however, and the new post Covid-19 world is taking shape. The Australian real estate market has bounced back, but there is a catch to it. The market dynamic has changed, owing to the fact that the heavy use of physical workspaces has been abandoned, and virtual workspaces are the trend now.
This article will explain how virtual workspaces affect the Australian real estate market and how it has led to a demand for properties in Australian suburbs.
Where has the Demand for Urban Property Gone?The shift towards virtual workspaces has meant that the cities and urban areas in Australia have witnessed a decline in demand, as people are not willing to be among large crowds and go to work physically. Rather, there is an increased demand for suburbs in Australia post Covid-19.
This is because the suburbs allow for families to be closer and people can work from home from there, so there is no need to move to the cities.
Also, the drop in demand for urban property is also due to the stream of foreigners that was cut off by enforced lockdowns all over the world. These foreigners would usually rent property in the urban areas, but since they couldn't leave their countries, demand dropped.
This led to a collapse in the economy of cities that were dependent on the foreigners and the tourism they sought. (Real Estate. com)
Top Post Covid Suburbs
Suburbs generally are more popular in Australia now for property buyers, and so we have compiled a list of 10 of the most in-demand suburbs for property buyers in Australia post Covid-19.
Aldgate: a small suburb in Adelaide, Southern Australia, it has become one of the most in-demand suburbs based on low crime rates and the fact that property prices there are around $780,000 or lower. Urunga: a small suburb in New South Wales famous for its surf spots, property prices here are around $510,000.
Temora: property prices for this hotspot for property buyers post Covid-19 is about $284,000.
Toowoomba: this suburb is over an hour’s drive from Brisbane, and properties cost around $530,000.
East Devonport: a suitable alternative to urban areas, properties here sell for about $230,000.
Noosa Heads: located in Queensland, this suburb’s properties post Covid-19 have gone for about $780,000.
Mount Pleasant: this suburb in Victoria is another in-demand suburb, and the abundance of families there and the conducive environment for families means properties here are sold on the cheap in the aftermath of Covid-19. Properties here go for around $370,000.
Cordeaux Heights: this suburb in New South Wales has properties generally listed at prices around $690,000.
Wonthaggi: this regional suburb in Victoria has a price of about $340,000 for properties post Covid-19.
Wallaroo: prices of property in this suburb in South Australia around the $250,000 mark.
Why are These Suburbs In-Demand?
A combination of factors makes these suburbs the ones in demand. Factors like low crime rates, proximity to the beach, property costs and, also how conducive the environment was for families are responsible for these suburbs being more in demand than others.
The effects of Covid-19 have been far reaching, and more economic as the days go by. A decrease in demand for property in urban areas and an increase of properties in suburban areas are an indication of a short in the market. If you’re in one of these suburbs or a similar one and are looking to sell property, make sure you keep on top of real estate agent fees in South Australia. Make sure you’re getting what you’re paying for.
This article reveals the post-COVID hotspots in suburban Australia. We hope this guides you to purchase property in a top-notch area!