The housing markets in Australia’s capital cities do not benefit from the booming population because internal migration favours satellite cities, according to research from Propertyology.
Research data revealed that Queensland, Hobart, New South Wales, and parts of regional Victoria are popular for Aussie residents moving from one city to another, with the Gold Coast being the number one choice.
“With a median house price that’s only 60% the cost of Sydney, the Gold Coast attracted 7,441 new residents from other parts of Australia last year,” said Simon Pressley, managing director of Propertyology.
Inter-state migration into Queensland increased, contributing 28,668 to the state’s population growth for the year ending June 2018, according to Pressley.
In Victoria, the areas of Bendigo, Ballarat, Geelong, Baw Baw, Mitchell, Wodonga, and Wangaratta attracted people, according to the report. Melbourne experienced a small net gain from migration, but official data said that 21 out of 27 Melbourne city councils experienced a net population loss from internal migration.
In NSW, the areas of Cessnock, Maitland, Shellharbour, Dubbo, Tweed, Wingecarribee, and Ballina welcomed a substantial number of new residents. On the other hand, Sydney was the least popular in terms of internal migration, according to the data.
One of the most obvious trends in the analysis was the migration of many people away from capital cities to regional areas, Pressley said.
Economic conditions influence internal migration, according to Pressley.
“The population of regional Australia increased by a further 89,132, to sit at a significant 8,424,137 as of 30 June 2018. More and more people re-evaluating their need to remain in a capital city and being lured to the many wonders in other parts of our diverse country,” Pressley said.