Bungendore is a tree change option close to Canberra. The annual show, which has included Dachshund races, is a popular event. Photo: Jay Cronan Why Canberra commuters and treechangers are flocking to the Southern Tablelands
Property’s latest fad: To stage or not to stage your home for sale
Is there a magic formula for predicting price growth in Canberra?
Cattle judging at the Bungendore Show. Photo: Jay Cronan
I am thinking about a tree change. What incentives are available for moving to a regional town, apart from fresh air?
Purchasing your own block of land is fast becoming a receding dream for many Canberrans. The bleak prospect of rising house prices and heated competition for build-ready land is a depressing state of affairs. Many buyers feel they are chasing the lump sum deposit goal as it continues to be pushed further out of reach. There is a silver lining if you cast your search further and consider greener pastures.
Rural life doesn’t mean a village in the middle of nowhere. The flourishing population in certain towns of neighbouring regional areas illustrates a diversifying, dynamic economy that will continue to gentrify as the area grows.
In an attempt to access affordable housing Queanbeyan has been at the top of the location list for many Canberra first-home buyers eager to take a step on the property ladder. Private and public sector dollars have seen the region undergo significant changes. With more development in the pipeline, and a lower entry price point, it is likely to remain a favourite among first-home buyers.
Bungendore and Murrumbateman are examples of other transforming regional areas. The prospect of better value housing is undoubtedly drawing new residents to hop over the border.
The ability to commute is another factor luring residents across the border. Residents are able to take advantage of the career opportunities on offer in Canberra while leading a rural life. Cross border living may result in a longer commute than experienced as a Kingston tenant, however owning your own block is appealing. It is the Australian dream.
Given the state of the Sydney housing market, it is not just Canberra first-home buyers seeking affordable housing options. At the end of 2011, the median house price in Sydney was a mere $634,786. Home values have almost doubled since, with a median of $1,128,759 at the end of 2016. We are all waiting with bated breath for Sydney house prices to cool but despite regulatory measures in place to help contain housing risks, a cooling in price has not occurred.
The median price of a home in Sydney could purchase at least two homes in certain parts of regional NSW. The large price differential between metropolitan and regional areas is encouraging enough. A million dollars could purchase a rural family home and a regional coastal home with money to spare for an overseas holiday every year. It is no doubt regional area home values are at a far more palatable price point.
Realistically, under the current market conditions housing affordability is no doubt the biggest forced incentive encouraging tenants to purchase in the bush. Purse strings may become looser from a regional property purchase but there are many other added benefits to rural living.
Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell