With a vast majority of industries being forced to work from home for almost 6 months now, it has led a lot of families to reconsider what is important to them:
Being close to the office and putting up with the hustle and bustle of the CBD?
Having a larger home with a backyard for the kids to run around?
Being close to the ocean?
The way in which we all live has been questioned recently with the lockdown giving us so much more time to think. Paying an $800,000 or higher mortgage in the suburbs of Melbourne may now be less desirable when you could have the equivalent home for hundreds of thousands less in a regional area.
See below median sales price charts:
Coburg:
Ballarat North (Ballarat):
Leopold (Geelong):
Source: Corelogic
Now that so many companies have found that staff working from home is more feasible, it only makes sense for people to reconsider where they live. Regional cities such as Ballarat and Geelong to name a few have the healthcare and hospitals as well as a wide range of private and public schools available to choose from. Not to mention the lifestyle features like being so close to beaches, lakes, and sporting facilities as well as the ease of getting across town.
If working from home becomes the new norm, why not make the move to a regional area? Domain search changes suggest this is the way in which some Victorians are headed.
Source: Domain
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