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Sunshine, NSW 2264 Review

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Australia's regional markets are expected to record increased housing demand due to the COVID-19 outbreak's impacts on the economy, work arrangements, and house prices. The question, however, remains — will the outbreak cause a regional boom? In fact, the median dwelling value of all regional areas sits at $394,570, significantly lower than the combined capital city median of $641,671. To fully get an insight into whether the COVID-19 will bring a surge in demand in regional areas, Owen said it is crucial to examine the population insights prior to the onset of the outbreak. "Areas with the highest levels of net internal migration over the financial year 2018-2019 include the Capital Region of regional NSW, the Sunshine Coast, Melbourne — West, the Gold Coast and Ipswich. From these examples, there was already a trend of movement from more suburban or metropolitan areas to regional areas," Owen said. "Furthermore, it is important to note that the broad-based impact to housing demand from the pandemic could see prices fall in regional centres over the second half of 2020," Owen said. These price declines, however, are unlikely to be as sharp as what will be observed in capital city markets. "Regional growth rates peaked around late 2019, and could nudge into negative territory later this year without significant improvement to economic conditions or a demonstrated shift in demand side factors like population growth," Owen said. Source: x Will regional markets boom post-COVID? Several factors could influence the preferences of homebuyers, analysis shows
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