Apparently, it’s not just jobs that make Australians move interstate; it’s also the hunt for affordable housing, says new research.
Market analysis by Propertyology has found that thousands of people are moving to more affordable locations both within their own city or packing up and moving interstate.
Propertyology head of research Simon Pressley said that the mass interstate migration was likely to continue as more Aussies chase affordability.
“The Great Australian Dream is alive and well and the latest data proves that people are prepared to uproot and move to make that dream a reality,” Mr Pressley said.
Mr Pressley added that affordability would continue to be a deciding factor and that affordable locations would see a benefit.
“The big winners are affordable locations within our capital cities, with thousands moving either intra or interstate to get a foot on the property ladder,” Mr Pressley said.
The biggest winners in Sydney were Camden, The Hills Shire and Liverpool, as people were drawn towards Sydney but couldn’t afford to stay close to the city.
“Wannabe property owners are prepared to compromise proximity for affordability,” Mr Pressley said.
Melbourne had more interstate migration than Sydney, with the most popular locations being Casey, Wyndham and Melton.
“With Melbourne’s median house price sitting at $828,000, it’s understandable why some local migrants are opting for a location like Melton, which has a median house price of just $460,000,” Mr Pressley said.
Brisbane had smaller gains in the areas of Moreton Bay, Ipswich and Redland, but Mr Pressley said that Queensland was experiencing an interstate migration boom of over 17,000 residents annually.
“Once again, it seems that affordability was a key driver, with the more expensive metropolitan Brisbane attracting the smallest portion of interstate migration, while Moreton Bay welcomed the lion’s share,” the head of research said.
Perth had the smallest migration out of the capitals analysed, with the winners being Wanneroo, Serpentine-Jarrahdale and Armadale.
Mr Pressley said that Greater Perth’s population growth of 20,085 last year was well down on the 40,000 to 50,000 annual growth between 2007 and 2013.
“Several years ago, Perth used to be one of Australia’s most expensive cities, but the soft property market has improved housing affordability; this is a factor in the decision making of many interstate migrants,” Mr Pressley said.