{"id":5438,"date":"2024-06-13T10:22:31","date_gmt":"2024-06-13T00:22:31","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5438"},"modified":"2024-06-13T10:22:31","modified_gmt":"2024-06-13T00:22:31","slug":"is-a-tree-or-sea-change-on-your-horizon","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/is-a-tree-or-sea-change-on-your-horizon\/","title":{"rendered":"Is a tree or sea change on your horizon?"},"content":{"rendered":"

\"\"Fresh air, no bumper-to-bumper traffic and more affordable home prices. There\u2019s plenty of appeal in regional living, including a chance to potentially reduce your home loan.<\/strong><\/p>\n

The classic tune \u2018Home among the gum trees\u2019 is fast becoming a lifestyle anthem for a growing number of Aussies.<\/p>\n

A surging number of city-slickers are heading to the bush or bay, new\u00a0Commonwealth Bank research<\/a>\u00a0shows.<\/p>\n

In fact, metro to regional relocations are now 20% higher than pre-Covid.<\/p>\n

It goes to show that regional towns and cities have a lot going for them.<\/p>\n

So what\u2019s the appeal?<\/p>\n

Along with a laidback lifestyle and the chance to see Skippy on your way to work, rather than countless sets of traffic lights, a key drawcard of regional living is more affordable housing.<\/p>\n

Where are people moving?<\/h3>\n

The Sunshine Coast in South East Queensland is currently the nation\u2019s most popular destination for Australian movers, securing a 16% share of net internal migration over the past 12 months.<\/p>\n

Other popular areas outside our nation\u2019s capital cities include the Gold Coast, Wollongong, Newcastle, Lake Macquarie, Moorabool, Geelong, the Alexandrina region, the Fraser Coast and Launceston.<\/p>\n

Western Australia is also becoming an increasingly attractive destination with Busselton, Capel, Greater Geraldton, Northam and Albany all making their way onto various hotspot lists this quarter.<\/p>\n

Regional home values vs city prices<\/h3>\n

Across Australia\u2019s capital cities, the median home value is about $864,780, according to\u00a0CoreLogic<\/a>.<\/p>\n

By comparison, the median value across regional markets is $626,888.<\/p>\n

That\u2019s a whopping $237,892 difference.<\/p>\n

The price gap can be far bigger depending on where you\u2019re moving from and moving to.<\/p>\n

In Sydney, for instance, the median house value is $1,441,957. Head to regional NSW, and you could pay closer to $760,000 for a house \u2013 a saving of around $680,000!<\/p>\n

Regional living can help cut loan repayments<\/h3>\n

Buying a more affordable home can have other flow-on benefits, such as a lower stamp duty bill.<\/p>\n

It can also have a huge impact on home loan repayments.<\/p>\n

For example, let\u2019s use the above figures and pretend you\u2019re deciding between purchasing an $864,780 capital city home and a $626,888 regional area home.<\/p>\n

To keep things simple, let\u2019s say you\u2019ve saved up $173,000 for a 20% deposit on the $864,780 home \u2013 and you\u2019ve also got extra money set aside to cover any stamp duty expenses or other fees (the exact amount would vary state to state).<\/p>\n

Let\u2019s also assume a home loan rate of 6.4%, which the\u00a0Reserve Bank of Australia<\/a>\u00a0says is about the current average principal and interest variable rate, and a 30-year loan term.<\/p>\n

On this basis, the initial mortgage for the city home would be about $692,000 and the monthly mortgage repayments on the city home would come to around $4,329 each each month.<\/p>\n

For the regional property, your initial mortgage would be about $454,000 (assuming you put the full $173,000 towards the deposit) with monthly repayments in the order of $2,840.<\/p>\n

That\u2019s a monthly saving of $1,489 by moving to a regional area \u2013 extra money to spend on your home, yourself or your lifestyle.<\/p>\n

What about capital growth?<\/h3>\n

No one can say with certainty how property values will perform in the future.<\/p>\n

What we can do however is look at how house prices have performed across regional areas in recent years.<\/p>\n

CoreLogic<\/a>\u00a0says values in regional areas have jumped 51.1% ($212,000) nationally since March 2020, compared to an average of 31.5% ($207,000) across our state capitals.<\/p>\n

So in terms of dollar values, the capital gains across both markets have been fairly similar in recent years.<\/p>\n

Ready for your home among the gum trees?<\/h3>\n

Okay, regional living isn\u2019t for everyone.<\/p>\n

Even for committed fans, moving from a capital city to a regional area calls for careful planning and research.<\/p>\n

But if you\u2019re hankering for a home with a more manageable mortgage, give us a call today to discuss loan options that could help you get that tree or sea change happening sooner.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fresh air, no bumper-to-bumper traffic and more affordable home prices. There\u2019s plenty of appeal in regional living, including a chance to potentially reduce your home loan. The classic tune \u2018Home among the gum trees\u2019 is fast becoming a lifestyle anthem for a growing number of Aussies. A surging number of city-slickers are heading to the […]<\/p>\n","protected":false},"author":23,"featured_media":5439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5438","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nIs a tree or sea change on your horizon? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/is-a-tree-or-sea-change-on-your-horizon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a tree or sea change on your horizon? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Fresh air, no bumper-to-bumper traffic and more affordable home prices. 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