Townsville could experience a mass migration of new residents into the city. Picture: Wesley Monts
TOWNSVILLE could experience a mass migration of new residents into the city, with new figures showing a significant increase in property searches from interstate.
Exclusive data from realestate.com.au shows the number of local property searches by potential interstate buyers in July has grown a whopping 47 per cent year-on-year.
And it would seem those living in the most clamped down COVID areas are the most keen to flee to the tropics, actively looking for either a new permanent home, or even just a place to “bug out” and escape COVID-19.
REA chief economist Nerida Conisbee said mining-related growth, affordable prices and a Covid-free status was behind the boost in regional property inquiries.
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“In Townsville, they (the top 10) are nice suburbs and although some are the more expensive suburbs (for Townsville), if you are coming from say, Sydney, what you get for the price is quite incredible,” she said.
Ms Conisbee said people relocating to be closer to family after being separated due to border closures would also be major factors.
“I do think we will see a bigger shift to regional areas,” Ms Conisbee said. “People tend to move to regional areas because of employment or some sort of economic stimulus and once people get there, that creates its own economy and demand for services.
“Covid has the potential to spread people out in a way no other government policy could.”
The Strand. Picture: Evan Morgan
The data shows that those living in Sydney City/Inner South accounted for the most interstate property hits in Townsville, followed by Melbourne (Inner), Sydney (Inner West), Melbourne (Inner East) and Sydney (Inner South West). In fact, all but two of the top 10 origins responsible for the massive spike in interstate searches in the Townsville market came from Sydney or Melbourne.
The only outliers were Adelaide (Central and Hills) and the ACT.
Furthermore, the data shows where the potential interstate buyers are keen to make the move to.
Townsville City was the most searched suburb by interstate property hunters, followed by North Ward, Bushland Beach, Kirwan and South Townsville.
Keyes & Co agent Tess Sellwood said she was fielding plenty of calls from interstate, remarking that the agency was set to record its biggest transacting year in its nine year history.
Listing agent Tess Sellwood at the property at Sir Leslie Thiess Drive, Townsville. PICTURE: MATT TAYLOR.
“We were all set to bunker down for a tough period but it has been the complete opposite,” she said.
“There is quite a conversation around regional areas being the preferred relocation destination of choice, and that Townsville prices offer bang for buck.
“I have people looking to relocate … and people looking to timeshare, split their time between their current location and Townsville.”
The change in perspective could see some regional areas become home and the capitals become FIFO destinations.
The post Interstate city buyers looking to ‘bug out’ to the regions appeared first on realestate.com.au.