There might well be a new reason to flee NSW: extreme weather. I know I’d be seriously considering it if I lived in the Northern Rivers or somewhere more bushfire prone.
Interesting that the ACT had a net gain; I’m not surprised about Tassie, though. It’s fast becoming the destination of choice to escape the pressures of our modern world.
It would be beyond reach for many people to take out fire insurance or flood insurance in high-risk areas. I’d also be worried about coastal erosion if I had the means to live on the coast, can you even insure against that?
The Northern Rivers is an interesting one - they’ve been absolutely hammered over the past little while, but property prices in Richmond/Tweed have skyrocketed over the past two years. It doesn’t look like it’s slowing down either
Absolutely; this is why you now need to think long and hard about where to live in terms of exposure to natural hazards. Victoria, Tasmania, South Australia and the ACT have (generally) less natural disasters than NSW, QLD, WA and the NT but there are still hotspots in every state.
The best place to live in Australia would be somewhere inland in Tasmania; the most significant natural hazard down there are the ‘Roaring Forties’ winds which are much worse near the coast. You do get the odd flood and bushfire event but these are usually less severe than on the mainland. Less flood prone parts of Deloraine and Sheffield would be my pick; these areas don’t really see bushfires either.
I wonder how much of that growth up there is due to Byron Bay and Lennox Head (maybe Ballina) alone. I can’t imagine Lismore would be high on anyone’s list right now. Byron and Ballina have copped flooding as well, though.
Perth moves up global rankings as a city where the rich want to live
Perth’s luxury residential property market is expected to continue strengthening over the coming year now the city has reopened to the world.
Knight Frank’s Wealth Report for 2022 shows Perth came in at number 31 on the Prime International Residential Index (PIRI 100) in 2021, which tracks movements in luxury prices across the world’s top residential markets.
[Mack Hall of Mack Hall Real Estate said] “The wealthy are attracted to Perth due to the city’s relative affordability to east coast cities, especially for living near the water, as well as outstanding lifestyle, including its balmy climate.”