The trend revolves around remote workers seeking work-life balance and cheaper property
The USA sees an emerging trend in residential property markets, and Quotable Value (QV) property experts expect it to reach New Zealand soon.
Real estate agents have dubbed popular US holiday destinations “Zoom Towns” for remote workers seeking cheaper property. With the COVID-19 pandemic forcing companies to go digital, experts predict that the trend would continue and make its way to New Zealand.
“In New Zealand, we have beautiful beaches, lakes, forests, and mountains on our doorstep, so you can certainly see the appeal of escaping city life for a quieter or more scenic existence somewhere else, especially if you don't have to give up any career opportunities to make that move,” said QV general manager David Nagel.
Read more: First-home buyers are struggling to keep up with the housing market
QV property consultants and valuers have reported only anecdotal evidence of people leaving the cities to live and work remotely in Orewa, Matakana, Raglan, Mount Maunganui, and the Coromandel. However, Nagel said the normalisation of remote working would still affect the property market.
He continued: “In Auckland right now, North Shore residents are being encouraged to work from home to avoid taking the damaged harbour bridge. If their employers don't see any drop in their output as a result of working from home, then why wouldn't they also be open to more permanent remote-working arrangements?”
“As house prices in Auckland and Wellington continue to hold up, even under the enormous amount of economic uncertainty that we're seeing now, relocating to a more affordable area of the country where you're still able to work remotely might be one way that young people will be able to get on the property ladder in the future.”
