With remote work on the rise and a large number of people continuing to flock to regional Queensland, Rockhampton’s property market and employment opportunities are reaching new heights!
A regional shift
The spike in staff working from home and the recent and ongoing advances in technology have pointed to what has been labelled a ‘great regional relocation’. For a number of years, Aussies have been moving away from metropolitan areas and into more peaceful regional areas, such as Rockhampton and the Capricorn Coast where house prices are more affordable and they can escape the constant hustle and bustle. The COVID-19 pandemic resulted in 46% of Australians working from their home at least temporarily, increasing the normality of remote workers substantially.
Historic low in available rentals
With more people moving to the beef capital, we are seeing the lowest number of rental properties ever, in dramatic contrast to what the landscape looked like just three years ago. The rental availability rate is at a record low of 0.3%, dropping from a considerable 8.6% just two years ago. This change has seen a slew of renters move into their first owned homes, with some even reporting that they are saving money week-to-week. Interest rates remain low and the Australian dream of owning your own home is now within reach!
Not only do these stats mean people are moving into the area, improving the local economy and finding gainful employment, it’s also exciting to see people and their families moving into homes that are their very own. There’s nothing like making a space your own, especially in time for Christmas!
Employment opportunities on the up
When the pandemic hit, local Rockhampton businesses braced themselves for a downturn in business towards the end of this year, but it never came. In fact, to the contrary, business is going very well in the region. The state’s resources sector injected more than $6.1 billion into the Rockhampton and Gladstone regions, supporting over 32 000 jobs in our area.
These numbers mean a whopping 114% increase in our local economy since last financial year! If that’s not worth celebrating, I don’t know what is. The bar has been set pretty low in 2020, but we can still recognise great news when we read it.
Regional house prices hold strong
Since the pandemic hit in March, regional house prices have outperformed those in cities and metro areas consistently. Regional home prices are well-insulated and safe from the up and downs city-dwellers have been experiencing. The Rockhampton Regional Council has reported seeing an increase in demand for new homes, and 30% more development applications than were submitted in 2019.
Experts are forecasting that the upward trend will continue for regional Australia, with regional hubs of all sizes outperforming Aussie cities not only in housing prices but also other economic growth measures. And we’re not done yet – with a post-COVID world almost in sight, we are preparing to see this upward trend continue.
Working from home means working from anywhere
Many people have felt ‘trapped’ in capital cities and built up locations due to the proximity to jobs that are not available in regional centres. However, with COVID-19 teaching employers that staff can work anywhere with an internet connection, this barrier is crumbling. Many city workers can now see a reality of remote work from a more peaceful and affordable location in the regions.
Why can’t we have our cake and eat it too? For some people, living in the city is an unfortunate necessity to nail down the job of their dreams. But the pandemic has shown us it’s simply not a choice we must make – we can have both! Picture this: you live in a peaceful suburb in an affordable home. Your kids (or pets!) have room to run around outside. Your ‘commute’ is a few steps from the breakfast table to your desk. Bliss!
Staying in touch
We all know it hasn’t been the best year, but 2020 is finishing strong here in Rocky! With the market currently in excellent shape, I’ll be keeping you posted here on my blog every month, and if you have specific questions or just want to have a chat about real estate, just reach out! I’m always happy to hear from you.
Until next time, stay positive, and let’s end this year on a high!
