Real estate prices in regional NSW have grown as much as 25% in some areas.
Local real estate is following the anticipated post-COVID-19 trend, as people look to move away from Sydney permanently and adopt a remote work life.
COVID-19 lockdown showed that working from home is a real option for most jobs.
In April, realestate.com.au tipped that the region would most likely be among the top destinations in an emerging trend for those looking for a lifestyle change.
Canowindra Real Estate Principal Chris Kinsela said the prediction is playing out currently, adding to the trend he’s seen over the past two years during the COVID-19 pandemic.
“COVID proved you can work from home and that is what people are doing, so they don’t need to live near their workplace,” he said.
“I would say eighty percent of our inquiries are from people looking to change lifestyles and leave larger cities.”
Prices have increased in the region due to demand during the COVID-19 pandemic.
“Prices have definitely increased over the past two years with a strong demand for properties,” Mr Kinsela said.
“Due to the recent sales spike, we have very limited properties left for sale. We have never experienced a market this strong with over 30 properties sold by our agency since April this year.”
A rural and regional lifestyle offers a slower pace of living, very different to the city. The beauty of the country and the buzz of community are also other drawcards.
Mr Kinsela said the only issue with the current trend is there’s only the limited supply of properties currently available.
“We believe [the local market] is exceeding expectations with us selling many properties before they hit the market,” he said.
“The demand for properties is still very strong and we are continuing to get enquiries for various types of property and land.”
He believes the market will need to stabilise at some stage, but he doesn’t see it happening in the short to mid future.