Additional funding for NSW regional movers a potential game changer

The additional funding for city-based property buyers, workers and small business owners moving to regional New South Wales could be a potential game changer, according to Chief executive officer of Raine & Horne Angus Raine.

Additional funding includes the $7,000 Regional Relocation Grant, which was expanded from the start of January to include long-term renters in metro Sydney, Newcastle and Wollongong and the Skilled Regional Relocation Incentive.

The Skilled Regional Relocation Incentive is worth $10,000 and encourages people to relocate for jobs unfilled by regional workforces, with a minimum relocation distance requirement of 100 kilometres.

“The incentive for skilled workers is a very smart move as it will attract key people to regional towns to help drive those economies – and of course eventually they'll buy houses – and hopefully create jobs for others to buy and rent properties.

“Given that Sydney median house prices have crashed through the $700,000 ceiling, buying a home in regional towns such as Tamworth (median house price $290,000), Wagga Wagga ($320,000), Port Macquarie ($385,000), and Orange ($331,000) makes enormous sense,” says Raine.

Raine says it’s important to do your research if you’re wanting to find a property with potential long-term growth.

“Look for regional towns with viable and growing economies and populations – the Australian Bureau of Statistics or the local council are great sources of data about the demographics of a town.

“A regional town with excellent long-term growth prospects should have decent infrastructure in place – public transport, major roads, hospitals and schools.

“The growth towns will essentially have all the lifestyle benefits we associate with city living, such as cafes, restaurants, cinemas and so on,” says Raine.

Raine says those looking to relocate should act soon as the grants will be capped by the 13/14 budget allocation of $10.4 million.

news@propertyobserver.com.au

Nicola Trotman

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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