In the past couple of months and years, prices of homes and properties in rural and suburban areas in Australia have skyrocketed. Due to the number of people leaving major cities and moving to the countryside and similar places, the prices of rural and suburban homes have started to overtake those of urban houses.
In fact, according to a report by Nikkei, the value of local homes in Killcare, a suburb in New South Wales, has increased by 35%. The surge in prices was mainly attributed to the high number of city dwellers leaving their homes in Sydney to relocate to this region.
Aside from Killcare, other areas in Australia have also experienced significant price increases in the local home market. Although the prices of homes in major cities such as Melbourne and Sydney increased by 2%, the market value of homes in the rest of the country jumped by almost 7%.
The recent spike in the prices of rural and suburban homes can be attributed to various factors. But, in order to get a clearer understanding of these types of houses’ growing value, it’s important to first know what makes rural, suburban, and urban living different from one another.
A rural lifestyle refers to living in any type of dwelling that’s located in the countryside or in an area that lies outside a populated town or city. Since rural communities are far away from the usual features of cities and other urban areas, these places are often described as peaceful, quiet, and close to nature.
Urban living, on the other hand, refers to staying in densely populated cities. These places are often very active and serve as the central hub for business and social activities. Living an urban lifestyle is highly ideal for many people due to the proximity of their homes to schools, offices, commercial centres, and public transportation facilities.
Suburban living is often described as the type of lifestyle that falls in between rural and urban living. Suburban areas are often residential communities that exist on the outskirts of major cities. They aren’t as populated as urban areas and often have their own commercial centres. Like rural areas, suburban communities are also relatively quiet and close to natural features and landscapes.
Although urban homes are closer to amenities that most people need or use in their daily lives, recent trends have shown that more and more people prefer to live in rural and suburban areas. This could be due to the usual negative factors that are commonly associated with living in populated cities, such as the high standard of living, congested roads and living spaces, noise pollution, and limited access to nature.
Aside from these, another factor that had a significant effect on the rising prices of suburban and rural homes is the COVID-19 pandemic. Due to the global health crisis, many businesses adopted a work-from-home setup. After realizing that they could comfortably work from home, many people decided to move to rural and suburban areas where they could enjoy quieter and more leisure-filled lifestyles while still maintaining their primary sources of income.
This led to a growing number of people leaving major cities and relocating to areas that are closer to natural features such as beaches, lakes, and mountains. Due to the sudden demand for houses in rural and suburban settings, the market value of these types of dwellings started to rise.
If you’re looking to make the most out of your time at home and with your family, then you should definitely consider moving to a suburban or even a rural community. Get in touch with Ray White Albury Central to check out the houses and properties that they offer in these types of areas. With their widespread network and extensive market insight, Ray White Albury Central’s real estate experts can help you get the best value out of your property investment.