Coronavirus: House vendors cash in with a captive audience

City slickers are offering to trade their inner-city homes for an escape to the country, using their time socially distancing to search.

Etta and Ben Hurst, 39 and 44, with daughters Rose, 6, and Georgia, 3, who are selling their home at Burradoo in the NSW southern highlands. Picture: Britta Campion

City slickers are offering to trade their trendy inner-city homes for an escape to the country, using their time socially distancing to search for their new home in highly sought after tree-change locales.

While luxury regions such as Victoria’s Mornington Peninsula and Queensland’s Noosa might be COVID-19 hotspots, that is not stopping high-level real estate inquiries. City dwellers are tuning in for regional and rural retreats in a bid to escape the virus and practise social-isolation rules in a country environment.

John McGrath, founder of McGrath Estate Agents, believes there will be a surge in demand for luxury homes away from the bustling suburbs in our major capitals when the country bounces back from the COVID-19 pandemic.

“I anticipate that rural and ­regional luxury homes within two hours of the big cities will see a surge in demand as they did post-9/11, when many people reassessed their priorities and lifestyle became top of mind,” he said.

Mansfield agent Kate McDougall was surprised last week when a hopeful buyer in Melbourne offered to swap his home in the bustling inner city for a slice of the Victorian countryside and top up the shortfall with cash.

“He was nervous about putting his Melbourne properties on the market right now because he was worried they weren’t going to get 100 per cent of what they’re worth,” Ms McDougall said.

Real estate agencies are bracing for a fall in listings after Easter as social-distancing measures and economic uncertainty make sellers nervous. But agents in lifestyle markets are reporting decent listing levels with genuine enquiries.

NSW southern highlands agent Ben Olofsen said it was not only the traditional demographics of semi-retired couples looking for a change of scenery, as young families were also looking for more space and a relaxed lifestyle.

“Coronavirus has really brought the decision (for a tree change) to the fore, with people now weighing up what is important to them,” Mr Olofsen said.

The quick uptake of working-from-home practices by many businesses is likely to make workplaces more willing to be flexible in the future, says CoreLogic’s head of research, Tim Lawless. This could also spur more people to make the lifestyle change.

Ben and Etta Hurst listed their family home in the hills of Burradoo, in the NSW southern highlands, last week hoping to capture the imagination of Sydneysiders in isolation. The couple began small renovations earlier this year after deciding to sell in January and, after weighing up their options, chose to test the market.

“While it will have a major impact, we always knew that COVID-19 would be temporary. Everyone wants to come out of the back of this and get on with their lives,” Ms Hurst said. Seven enquiries were made on the property within 24 hours. It is being marketed by Mr Olofsen and Cameron McKillop of The Agency.