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SEA CHANGERS leaving the cities behind and people working from home could be the factors that are boosting property prices in Byron Shire.
The low-interest rate fuelled boom in recent years has allowed many people to sell up and buy in more affordable regional centres, which are experiencing strong price growth.
And as technology allows more people to work from home, people are moving further away from the city centres to places like Byron Bay, where they can work without having to commute.
The Byron area has achieved house price growth in the order of 20 per cent in the 12 months to September.
Meanwhile Sydney and Melbourne have seen growth of 2.1 and 9.1 per cent respectively.
Tim Lawless, director of research at CoreLogic, says faster internet speeds, wide spread adoption of secure networks and cloud-based storage are some of the factors likely to result in high demand in outer city areas.
“More employers are using video and conferencing technologies that reduce the requirement to be on site,” he said.
“Another factor that’s likely to push this trend along is a wider acceptance of remote working from employers.