Residential property prices have jumped by up to 40 per cent in the past 12 months as COVID-19 accelerates a shift from big cities.
Queensland’s Sunshine Coast is up more than 14%, according to an exclusive analysis by Digital Finance Analytics. Regional areas are growing at more than three times the pace of capital cities as COVID-19 accelerates the trend for people to move, particularly from Melbourne, to country centres, according to a separate analysis by JP Morgan Securities.
Improved working from home capabilities and lower base prices have also driven the exodus from Sydney and Brisbane to less densely populated areas within commuting distance of the capitals. Property sales and vacancy rates show Australians are two times more mobile than people in most European nations. The three most popular destinations include the Gold Coast, Newcastle and Sunshine Coast, according to the RAI analysis.
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