White collar nomads drive up regional real estate prices

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:37Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:37 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenSpring selling predictions for 202002:37White collar nomads are driving up the price of regional real estate, with suburbs between Tweed Heads and East Ballina now home to the most expensive property outside of the city.The COVID-19 pandemic has triggered a surge in demand for a sea or tree change among city workers, with unprecedented focus on the Tweed-Richmond area.New data from realestate.com.au shows that real estate in the Byron Shire village of Bangalow, 50 minutes south of Coolangatta, is the second most-viewed suburb in NSW since the COVID-19 crisis struck.40 Blackwood Crescent, Bangalow sold for $1.05 million.Between April and July, the top 10 most-viewed NSW hit list also included Byron Bay, East Ballina, Casuarina, Kingscliff, Lennox Head, Tweed Heads, Bogangar and Terranora.“Since COVID-19 lockdowns began, there has been an interesting shift in search activity to regional NSW,” said REA Chief Economist Nerida Conisbee.“The Richmond-Tweed appeal appears to be driven by white collar nomads, released from the shackles of their CBD offices.“The laid-back lifestyle that can now be more permanently obtained, given hardly anyone is going into the office, is likely to be driving demand and prices.”RELATED: Magical estate offers lifetime access to Crystal CastleBeachfront mansion sale among the biggest this year Tears start early on The Block 2020 8 Eclipse Lane, Casuarina sold for $2.57 million.Anyone hoping to get a bargain by the beach or up in the hills in all out of luck.Prices for houses and units in Richmond-Tweed have increased since mid-March, with half of the most-viewed suburbs recording a median house price of $1 million plus.The median house price in Bangalow reached $1.05 million last month, keeping good company with nearby Byron Bay where the median is $1.43 million and the beachside pocket of Suffolk Park where houses will set you back around $1.2 million.On the Tweed Coast, houses in the exclusive beachside enclave of Casuarina have a median of $1.152 million while houses in Kingscliff have hit a median sale price of $1.175 million.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“This is expensive for regional Australia and is being driven by Sydney money,” Ms Conisbee said.“Affordability is a problem for existing regional residents and COVID isn’t improving things.”295 Coopers Shoot Road, Coopers Shoot sold for $3.6 million.Braden Walters, principal of Belle Property Byron Bay-Lennox Head, said interest in the region had soared in the wake of COVID-19, led by motivated buyers from Brisbane, Sydney and Melbourne.“With the border closures, we’re mainly dealing with Sydney buyers at the moment because they’re the only ones who can physically inspect,” he said.“Our Brisbane and Melbourne people are still looking via virtual inspection.”Mr Walters said agents in regional pockets all along the East Coast had reported a similar surge in demand.“We’re competing with other regional coastal towns for those buyers,” he said.last_img

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