We’re all looking forward to things eventually getting back to normal, or at least the “new normal”. And while it’s not clear exactly what the “new normal” will look like in the property world, there are some promising early signs.
For instance, you might have seen that interest rates are pressing down towards 2% (and, in a few rare cases, dropping below 2%) and that property prices have dipped a little in some areas.
So what does this mean? Well, it spells good news for prospective buyers who’ve been fortunate enough to escape the financial impacts of COVID-19.
But where to buy?
When looking for an ideal post-COVID-19 purchase location, the first thing to consider is that workplaces are likely to have changed forever.
In the post-pandemic world, it’s likely that those who want to work from home won’t face the same hurdles they did in 2019 and, as such, suburban and coastal suburbs may be more in demand.
This predicted shift in preferences away from inner-city living is clear in analysis supplied to Business Insider Australia by Finder, with half the suburbs on the list within walking distance to the beach.
The analysis also took into account factors including crime rates, property costs, and how family-friendly areas are.
The 10 top post-COVID-19 suburbs
So here are the top 10 suburbs to buy in, according to the analysis.
NSW: Cordeaux Heights, in Wollongong, south of Sydney
NSW: Eleebana, Lake Macquarie, north of Sydney
QLD: Westlake, a western suburb in Brisbane
QLD: Bridgeman Downs, a northern suburb in Brisbane
QLD: Cotswold Hills, in Toowoomba, west of Brisbane
WA: Carine, a northern suburb in Perth
WA: Leeming, a southern suburb in Perth
WA: Gooseberry Hill, an eastern suburb in Perth
SA: Aldgate, just south-east of Adelaide
ACT: Fadden, a southern suburb in Canberra
It’s worth noting that most, if not all, of the above suburbs have an average property price between $720,000 and $800,000.
While Victoria didn’t get a look-in for the top 10, the analysis ranked Thomastown, Lalor, Watsonia North, Greenvale, and Gladstone Park in Melbourne’s north favourably. In the city’s west, Kings Park, Keilor Downs, Albanvale, Keilor Park and Kealba also got favourable rankings.
Where do you want to buy?
You don’t need a list to tell you where you should live.
Everyone has different preferences, purchasing power, circumstances and dreams, all of which will influence your “top suburb” in the post-pandemic world.
So if you’ve been researching a suburb and have an eye on your next dream property, get in touch today. We’d love to help you arrange finance for it.