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Most Australians dream of owning their own home. But for many, it’s more of a pipe dream. Soaring property prices, higher interest rates, expensive construction costs and a chronic shortage of affordable housing have squeezed buyers’ budgets – particularly in Sydney, where even a modest studio apartment comes with an eye-watering price tag.
But Australians haven’t given up on the great Australian dream; instead, they’re looking further afield to make it a reality. New data from realestate.com.au reveals that home buyers are increasingly widening their search, with regional towns and lesser-known locations attracting a surge of interest. In some areas, searches for homes have more than doubled compared with the same time last year, as buyers look for a more affordable way into the property market.
And while Sydney still remains on the radar for apartment hunters, many of the biggest increases in buyer searches are happening well beyond the city limits. In NSW, small regional towns are proving particularly popular, where median house prices hover around the $500,000-mark – a fraction of what you’d pay in any capital city.
Topping the list for where buyers are hunting for homes is Julatten, a rural locality near Port Douglas in Far North Queensland that has seen a massive 235% year-on-year increase in searches made for houses. Biggenden (222% increase) and Apple Tree Creek (210% increase) – both also in Queensland – round out the top three most searched areas for home buyers.
When it comes to New South Wales, Montefiores in the Far West and Orana recorded a 135 per cent year-on-year jump in searches for houses, followed by Forest Hill in the Riverina, up 110 per cent. Vale of Clwydd in the Blue Mountains rose 105 per cent, while searches for homes in Geurie, also in Far West and Orana, increased by 95 per cent.
Sydney is still in the running for unit buyers. Eastgardens and Banksmeadow in the city’s south, along with Glenfield, Ambarvale and Bradbury in the south-west, have all attracted increased attention. Northern NSW areas of East Lismore, Mullumbimby and West Ballina are also seeing a surge in searches for apartments.
The message is clear: when housing prices push home ownership out of reach, buyers are prepared to broaden their horizons.
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