A NATURAL progression of decentralisation will more than likely happen in coming years, benefiting areas like the MIA.
Property analysts, as well as agents in the MIA believe more and more city dwellers will have no choice but to more to the regional areas with rental and property prices continuing to skyrocket in larger metropolitan cities.
This, coupled with the government’s unveiling of its new 20-year vision for a thriving regional NSW, spells good news for the property market.
The median house price in Leeton is around $241,000, creeping up to $365,000 for a four-bedroom house.
For those wanting to rent, the average weekly spend is around $280 per week for a three-bedroom property and $320 for four-bedrooms.
In Griffith, the median average when buying a three-bedroom home is $300,000 and $398,000 for four-bedrooms.
Renters will pay about $340 per week for a three-bedroom property and $400 per week for four-bedrooms.
These numbers pale in comparison to Sydney city suburbs, with median house prices in an area such as Darlinghurst sitting close to $2 million.
For somewhere like Parramatta the average price when buying a home is over $1 million and renting will cost around $500 per week.
Griffith Real Estate’s Tony Santolin said with this in mind there was certainly many reasons for those living in metropolitan areas to consider moving to the MIA.
“It’s something that has been spoken about for 30 years now,” he said.
“Leeton and Griffith pose as an attractive alternative for people who can’t afford Sydney or Melbourne.
“I think we will see more of this decentralisation happening more naturally.”
Mr Santolin said other factors other than cheaper housing and rent working in the MIA’s favour included its many and varied industries and the people already living here.
“There are many ambitious and innovative people in our (communities).”
Mr Santolin also said the region’s growing multiculturalism was also a positive point for growth.
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