Heartbeat of Australia: Regional Australians are still pursuing ownership despite price rises

For those pursuing the great Australian dream of owning your own home the path has truly changed in recent years.

And nowhere has that been more true than in regional Australia.

Those already living in the regions from cities including Newcastle and Bendigo through to smaller towns already knew the quality of life and housing on offer outside of the major cities.

However COVID, and remote working, saw the country's biggest exodus from major cities to regional Australia with 43,000 making the move in 2020 according to the latest ABS census.

Combined with low interest rates, prices rose across regional Australia, with house prices in regional NSW and Victoria growing faster than in Sydney or Melbourne in the 2022 financial year.

For those who held property that was a bonanza with prices rising.

In cities like Newcastle and Wollongong we saw records tumble with beachfront properties taking the top spots. In Newcastle it was a beachfront home with a $10 million price tag that reset the record books. Wollongong's northern beachfront suburbs meanwhile saw prices skyrocket as Sydneysiders saw the lure of this coastal lifestyle within commuting distance of the city.

However those entering the property market for the first time those rocketing prices made taking their stake in acquiring the great Australian dream more challenging.

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In March this year we reported on the findings of the 2022 Housing Affordability Report, produced by ANZ and Corelogic,that it would take 10.5 years for regional households to save enough for a 20 per cent deposit.

But despite the challenges regional Australians are not giving up. And those in the regions have engaged with our specialist property reporting that answers the questions to what is happening in housing in regional Australia and how they can best manage and benefit from the current landscape.

Buyers are keen to see how they can benefit from stabilising prices and seeing the slowing market as an opportunity to go ahead and buy.

Sellers are listening to advice stories that set the picture on how to get the best outcome in more subdued times.

While the last two years may have seen FOMO (Fear of Missing Out) when it comes to buying and selling homes, now it is a case of FOOP (Fear of Overpaying).

On that note, interest rate rises and a slowing of the property market - although at a slower rate in regional Australia compared to cities, is where audience today are focused.

And that is where we continue to provide the latest information, with comprehensive coverage of how to still pursue that great Australian dream of owning your own home in the best place to live - regional Australia.