In the past year, as families and retirees replaced European holidays with new houses, housing prices in Australian towns and coastal areas soared, but this caused a housing crisis in a certain part of Queensland. CoreLogic’s data shows that because the new crown epidemic cuts off the possibility of overseas travel, working at home makes it easier for people to stay away from the city.
Grampians in Victoria, Noosa and Noosa hinterland in Queensland, Yorke Peninsula in South Australia and Maranoa in southwestern Queensland last year House prices have risen by at least 13%. The picturesque Grampians in western Victoria recorded the largest house price leap-up 16.6% in the year to December 31. Grampians real estate agent Nic Cullinane said the number of homes he sold more than tripled last year as the outbreak prompted Melburnians to move. “The market here hasn’t moved for 12 years, and then suddenly it went up. Some properties have gone up by 100,000 Australian dollars in a year.” A similar story is also happening in South Australia’s Yorke Peninsula, where house prices have been in the past year. Here rose by 14.6%. As urban residents change their lifestyles, Noosa, a coastal city in Queensland, is also overcrowded. Noosa’s house price growth ranks second, rising 15% during 2020. As the demand for real estate continues unabated and the supply decreases, real estate agents and locals expect prices to be higher.
Donovan Biss, a local in the hinterland of Noosa, has been observing the market for several months. He said that most of the new buyers are from Melbourne and Sydney. They have driven renters out of the city and many are close to being homeless. Even real estate agents called this a “housing crisis.” Donovan said local rents have doubled in 2020 and people are trying to keep up. Since March last year, the weekly rent of some houses has risen between A$200 and A$300.
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