Why COVID-19 has made living in the Northern Beaches a reality for many.
It’s the Aussie dream; living a stone’s throw away from one of our many famous beaches, and of all the locations Australia has to offer, Sydney’s Northern Beaches region has consistently remained as one of the most sought after areas. Its timeless appeal is not only due to its stunning beaches but also for its range of housing opportunities, local amenities, and it’s desired location. Whilst owning a property in this salubrious area may have only been a dream for many in 2019, 2020 has brought with it some unexpected twists and turns that now have created the perfect storm for many buyers to turn that dream into a reality.
Working from Home.
With a reported 32% of Australians now working from home, commute times and costs are becoming less of a concern. Local amenities and overall location is taking precedent and, with this in mind, many buyers that may have viewed the Northern Beaches as too far from the Central Business District are now no longer a concern. The reduced commute has saved the average Australian between $150 to $300 a week in travel and eating out, which calculates to over $7,800-$15,600 a year. This translates to bigger loan possibilities and buying power.
The shift in spending habits.
One of the positives that have come from COVID-19, has been the way in which Australians spend and save money. One study reported that approximately 34%-48% of Australians are now saving more than they were pre-COVID. With this increase in savings, many may be readjusting their budgets for big-time purchases opening the doors for possibilities that were once only dreams. Northern Beaches real estate outside of your spending remit? You may want to think again!
Focus on housing.
With many being housebound during the lockdown, peoples focus began to shift from plans of travelling, dinners out, and social gatherings - to their new living conditions. This was reflective in the spending habits of many Australians during the height of the pandemic, with Commonwealth Bank Australia economist Gareth Aird reporting there had been a 25% increase in credit and debit card spending on household furnishings and equipment compared to a year ago. Whilst upgrading your current settlement may not have been a priority in 2019, peoples shift in focus to the importance of their living conditions may now mean you are looking to move, and where better than the sunny Northern Beaches.
Focus on Family.
With more time spent at home, many families will be looking to see how they can improve their quality of life for them and their loved ones meaning potential homeowners may now be focusing more on amenities available to them and their children. The Northern Beaches, time and time again, have proved to be one of the most well-rounded areas in Sydney with a range of schools, parks, beaches, and sporting facilities.
Contact Clarke & Humel for more information on Northern Beaches Real Estate.