The increase in people now working from home has caused more and more people to realise that there is no real need to live close to work anymore. As a result, a lot of home buyers are more interested in buying a property that offers more space for a home office, rather than an apartment close to the city centre.
During a study conducted in January, before the first case of COVID-19 in Australia, just 19% of potential home buyers were more interested in space than they were in being close to the city centre. A separate study conducted in August has shown that now 38% of potential home buyers are more interested in space than being closer to the city centre.
As such, outer suburbs and regional areas are becoming more popular with home buyers.
Traditionally, house and apartments close to the city centre are more expensive than homes further away, but demographers and economists are now predicting that this will change due to the growth in working from home arrangements.