Conventional wisdom says house prices double every decade, but in a string of sea- and tree-change hotspots prices have jumped that far in five years or less.
The combination of COVID lockdowns, remote working, ultra-low interest rates and cash saved from cancelled overseas holidays has supercharged price growth in holiday towns, some of which have become permanent destinations.
House prices are at least 120 per cent higher than five years ago in Victoria’s Alpine shire and the NSW Snowy Monaro Regional Council area, Domain data shows, as keen skiers who could not travel overseas purchased winter holiday homes.
Prices rose a similar amount in the Glamorgan-Spring Bay council area in Tasmania’s east.
Sea-change stunners Noosa and the Byron shire rose 106.3 per cent and 111.8 per cent respectively from five years ago, as buyers chased getaways or a long-term move.
While the trend for city dwellers to make a regional move for a more relaxed lifestyle was already underway, the widespread shift to remote working two years ago only accelerated it.