An unintended side-effect of the growth of the property market in Sydney is that regional areas of NSW have experienced a sudden property boom. While the dwelling values are tumbling across Australia, the regional growth was up by 13% in April 2021. For instance, property investors have started to flock to regional areas, such as Wollongong and Newcastle.
Benefits of Investing in the Regional NSW Property Market
If you are planning to buy a house in NSW, here are some of the many benefits that you can look forward to.
Affordability
A key feature of regional properties is that land costs less here than in the metro area. You can easily get a very large piece of land at a very low price. Moreover, finding a house to buy in the regional areas is not difficult since most people are buying apartments in the metro areas.
Higher Cash Flow
A major benefit of buying a house in the regional NSW areas is relatively better cash flow returns. The latest statistics show that people who bought the property in the regional areas received higher returns than people who went for city real estate.
Rapid Population Growth
Australia’s population has been growing rapidly, with major population centres such as Melbourne and Sydney brimming with population explosions. This population increase has extended to the regional areas, and the property market will be standing by to reap the benefits.
Infrastructure Development
NSW regional areas have experienced massive infrastructure development in the recent past. This has increased the area’s accessibility and made it easier for residents to access urban centres. Those working in the metro areas can now comfortably use public transport to access their workplaces from the regional suburbs. This means that you can work in Melbourne and Sydney while living in the regional areas.
Economic Development
There is a general belief that regional areas have minimal economic prospects, especially when they are located far away from major urban centres. Generally, this is a myth, as many of the NSW suburbs have nurtured their own local economies. These local economies are still growing, but they have exemplary sustainability prospects. There are also many sustainable conveniences in the area for people to enjoy. For instance, the agricultural and tourism sector in the local NSW areas has moved to the regional centres.
Countryside Lifestyle
When you buy a house in the metro areas, you will be escaping the hustle and bustle of the city. Moreover, you will live near open spaces, such as beaches, hiking trails, and bushlands. This is the perfect environment to raise children or even retire.
Final Take
Although many people still fancy staying in the city, a good life is to be lived in the regional NSW areas. As the areas revamp their infrastructure and attract new investment opportunities, now is the best time to buy a house in regional NSW. Contact us for more real estate tips.
