• De Kretser Law

More property buyers seeking tree change as a result of COVID-19

Updated: May 21, 2021

The traditional demand for obtaining a property close to the city has been challenged. As a result of the pandemic, property buyers are looking to not only move to the outer-suburbs but regional areas too.

Workplaces are becoming more flexible offering work from home arrangements which in turn reduces the need for employees to live close to the city. While renters are still sticking to the inner-city, home owners are expanding to other commercial centres such as Melton, Epping, Croydon, Dandenong and Frankston according to a study by the University of Sydney.[1] Even places like Bendigo are struggling to keep up with demand with scarce land available.

In addition to COVID-19 driving people away from the city, agents have attributed the regional property demand to low interest rates and high rent. In some cases, it is cheaper to pay a mortgage than rent.[2] First home buyers are also taking advantage of the First Home Owner Grant which has also pushed more regional property sales.

Regardless of where you are looking to buy, it is important to consult an experienced law firm once you choose a property that you are interested in buying. De Kretser Law will review and advise you on the Contract of Sale and Section 32 Vendor’s Statement for the property you are interested in free of charge so that you can bid at auction or make an offer to buy with confidence.

References [1] Heagney, M. 2021, ‘Sydney and Melbourne increasingly divided into pockets of home-owners and renters, study finds’, Domain.com.au [2] Kernebone, E. 2021, “Bendigo land sales so strong agents say they have run out of blocks”, Bendigo Advertiser

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