{"id":30026,"date":"2021-01-11T16:50:29","date_gmt":"2021-01-11T03:50:29","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=30026"},"modified":"2021-01-11T16:50:29","modified_gmt":"2021-01-11T03:50:29","slug":"aussie-cities-and-cbds-could-become-ghost-towns-as-people-move-to-the-country","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/aussie-cities-and-cbds-could-become-ghost-towns-as-people-move-to-the-country\/","title":{"rendered":"Aussie cities and CBDs could become ghost towns as people move to the country"},"content":{"rendered":"

PHOTO: Sydney, Australia. FILE<\/strong><\/p>\n

There\u2019s one place that people are leaving in droves and the ripple effect could see a huge change in how Aussies invest in and buy property.<\/p>\n

Considering buying a house in the city? Read this first. Country property could be the big pivot of 2021. Do you want an apartment? In a year\u2019s time, you might regret not buying an acreage.<\/p>\n

\n

The signs are already there. City house prices are up just 2 per cent in the last year, while regional prices are rising an impressive 6.9 per cent, according to property CoreLogic. That\u2019s three times faster.<\/p>\n

I was in regional Australia recently and there was a crowd outside the real estate agent looking at the ads in the window. Meanwhile, the closer you get to the inner city, the more you can smell the economic desperation.<\/p>\n

City authorities are desperate to get people back into the city centres. Office workers who\u2019ve spent the year at home need to come back, they moan. Shoppers must return!<\/p>\n

Apartment developers are bemoaning the elevated vacancy rates in their towers. (Vacancy rates are over 9 per cent in both Melbourne and Sydney, according to SQM property research.)<\/p>\n

But the wishes of people with skin in the game are just feathers in a hurricane of human behaviour change. The way we live is not the same anymore. The forces that glued us closer to the city centre are coming apart.<\/p>\n

As a general rule, houses closer to the city centre have been more expensive, as the next chart shows. And the effect has been stronger in the bigger cities, especially Sydney.<\/p>\n

\n
\"Traditionally<\/div>\n

Traditionally proximity to the CBD has meant higher house prices. Source: Supplied<\/span><\/strong><\/em><\/p>\n<\/div>\n

The invention of the car changed the shape of the world. Cities got a lot bigger.<\/p>\n

Zoom is not as good as the car. But it could still have an effect.<\/p>\n<\/div>\n

READ MORE VIA NEWS.COM.AU<\/a><\/p>\n

MOST POPULAR<\/span><\/h3>\n