Dear Reader, I was watching the Today Show this morning and it had a segment on there that is exactly what I’ve been saying to people for so long now. It talked about how regions are outperforming the cities in property values. While we’re seeing property values come down in the cities, they’re going up in the regions and that’s because people are leaving the city to move to the regions.
Now previously, people have moved to the city for work, however, technology has evolved, operating systems are cloud-based, people go to the office, access their operating systems offsite then the government said you can’t come into the office anymore, you have to work from home.
People are quite able to work from home now that corporations are comfortable with staff doing that as they can reduce their overheads by having less commercial floor space. People are happy to work from home for all sorts of reasons from less time in traffic, to being able to look after the kids if they’re sick. Now people are getting under mortgage stress with rising interest rates, so they can sell the house in the capital city, pay out their mortgage, and use that equity to buy a house in a regional area, and they have gone from having big debt, high mortgage stress to no debt at all.
Some people are leaving the capital city for nicer weather, some are doing it to upgrade to a nicer home, there’s all sorts of reasons, the lifestyle that a lot of regional areas offer, there’s so much we can do in our region, from exploring Great Barrier Reef to jet skiing.
The official data is now showing that the regional areas are outperforming the cities, as explained by Alice Stolz, which you may be able to google the Today Show segment ‘Cities Versus Regions’ and see the data is showing that property prices and regions are outperforming the cities because so many people are leaving the cities to move to places like Bundaberg. So it all makes sense and it’s not just me saying it now.
By Tim McCollum