The regional property market is experiencing a boom, with investors driving up house prices and some even buying sight unseen. But here's where it gets controversial: while regional areas across Australia have seen a nearly 60% increase in residential property prices over the past five years, this trend has had a significant impact on first-time homebuyers. The demand for regional properties as investments has increased, making it tough for local buyers to compete. As a result, some buyers are being forced into temporary accommodations like caravan parks or even tents. But the question remains: who is really benefiting from this property boom? And what does it mean for the future of regional communities? The answer lies in understanding the shift caused by COVID-19, which has led to a national market for property, with investors often purchasing online without ever seeing the property in person. This has created a tough competition for first-time homebuyers, who are being squeezed out of the market. So, what can be done to address this issue? The government needs to invest in infrastructure to allow for extra housing supply and training to create a high-quality workforce to build more new homes. These two steps will take us a long way to solving the problems we have at the moment.
