The returning Aussies have been over looked by a lot of people.
The WFH situation will be the most interesting. Whether or not the majority of companies allow workers to work entirely from home is either going to make a massive change to society, or it won't.
If employees are expected to still be in the office at least 2-3 days per week then living in the regions poses a bit of a problem. Perhaps some will opt for the inner regions like Wollongong, Blue Mountains, Newcastle (from Sydney). However moving to the likes of Byron or Orange is problematic if you need to be in the Sydney office 2-3 days a week. There are of course solutions, I know of a very senior manager who prior to covid commuted from the Gold Coast 3 days a week. But for the majority this is not a reality. Others might own a bolt-hole in Sydney. But that kinda blows apart the cost saving of regional property.
There is also the social aspect. Most people don't want to leave their friends, families, support networks. Entertainment. Cultural activities.
Anyway, no one really knows. Time will tell. But as I've said before, the majority of people in business and HR that I speak to are not expecting zero time in the office. The consensus is 2-4 days per week.
As for Sydney inner city prices. Our suburb is up 16% in the 12 months to October. And looking at Nov/Dec sales this will keep rising as new data is released.
