Unfortunately the population data isn't in real-time but housing market data from CoreLogic suggests some of the shift to the regions was temporary and is starting to unwind .
In particular, housing markets in some of the "lifestyle" regions in NSW and Victoria that were popular during the pandemic have underperformed over the past year.
Many workers swept up in the COVID-19 migration out of the nation's major cities are reconsidering their options and deciding it is time to return.
Others who fled major cities for regional postcodes are also under growing pressure to return from employers insisting they spend at least three days a week in the office.
Many are also missing the convenience of nearby shopping, healthcare, choice of schools, proximity to family and friends but are also despondent about the prospect of long commutes on crowded roads and public transport as they switch from remote work.
That's triggering an increase in demand and therefore price, on inner-city rentals and the purchase of apartments or small houses that out-of-towners can use as their city base.
Property values for many sea and tree-changer hotspots have not offset the rise in metropolitan prices, with some regional areas outside of a commutable radius to the city, seeing a reduction in prices and less demand.
But, at least so far, some of the shift to the regions seems to be permanent. Some of the population that moved during the pandemic is staying. This seems particularly true in larger regional centres, such as Port Macquarie and surrounds..
So how will the real estate market perform across the region in 2024? - Once again it's a mixed bag with interest rate rises still a topic of discussion, cost of living pressures, overseas tensions and the general economic climate of the country on one side of ledger, with job opportunities across aged care, education, medical and trades alongside our beaches and countryside beauty offering enviable lifestyle options in this picturesque and peaceful part of NSW on the other.
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