Our Australian cities are getting larger and larger, leading to increased property prices and a higher cost of living. Despite the allure of large metropolitan areas, this growth continues to make living in bigger cities further and further out of reach for many, resulting in Australians moving into the country.
What once would have been impossible—considering many jobs are located in these bustling epicentres—is now possible, because of our ever-connected world and the Internet.
What do statistics really reveal about families on the move?
A CoreLogic RP Data report, which compared net internal migration statistics from 2008-2009 and 2014-2015, revealed that more Australians between the ages of 0-14 and 25-64 are moving to hobby farms or lifestyle plots. The data on the 0-14 age group reveals that it is families who are making the shift to pursue rural real estate and a rural lifestyle.
It’s been known that many older Australians dream of retiring on a rural plot or hobby farm, but this new data shows a trend in families taking advantage of the fact that they no longer have to be in close proximity to work.
Proximity to work is becoming less and less of a factor in property searches.
So, why are families making the move now?
Young families generally have a lower income. When young professionals have a child (or children), this life transition often takes a toll on their finances, causing them to reconsider where they want to purchase property and what kind of property they want to have.
Properties in major cities such as Melbourne or Sydney are outside of their financial reach. Regional properties, however, are more affordable and the flexibility of work location for young families makes rural real estate an attractive opportunity and investment.
Detached houses set among a rural landscape are no longer just the pursuit of retirees, but are a great option and investment opportunity for young, millennial-aged professionals with families.
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