Australia’s Internal Migration 2020
2020 was Australia’s year for internal migration, with tens of thousands of individuals and families choosing to move between states.
Several trends were seen throughout the interstate resident swap, including a clear inclination towards regional areas. A net total of 43,000 Australians moved from capital cities to regional areas last year.
The most significant figure, however, is the high level of internal migration to the Sunshine State. 30,000 net people moved to Queensland from other Australian states – while WA, the state with the next highest level of net migration, only gained 1,400 people.
These figures prove that Queensland, with its relaxed lifestyle, warm weather and sunny beaches, is pulling the interest of ex city-siders.
Queensland, especially when compared with the two leading capitals in Australia, Melbourne and Sydney, has a number of drawcards that make it much more enticing for individuals and families to reside in.
Compared to Sydney, Brisbane properties are cheaper, and median rent is lower, which is a strong pull for families looking to create a more affordable lifestyle. In addition, the price of a similar sized property is also lower, meaning Sydneysiders and Melbournites are able to sell their family home for upwards of $1 million, and find an equally sized, high-grade property for about two-thirds of the price.
Many families move to Queensland in search of a more relaxed lifestyle, with sun, sand and beaches. Away from the hustle and bustle of the big cities, the Sunshine State offers more versatile experiences. Furthermore, Queensland is often considered a great place to raise a family, thanks to these aspects.
It’s a well-known fact that Queensland offers some of the best weather Australia has to offer. With warm summers, and beautiful winters, very few people will complain about being cold.
What About Regional Areas?
People have had the opportunity to reconsider their living choices as the proximity to main cities becomes less of a priority in their jobs. Moving away from the pricing of inner and middle ring suburbs, many families have found better value in regional areas. More land, extra bedrooms or a better location at the same or cheaper price are all reasons for many families’ switch to regional living.
Why is this Important to Property Investors?
Growth in any area creates pressure on the current property supply, improving rental yields and increasing overall property values. Thus, property investors must understand internal migration trends, as this is a huge driving factor in the fluctuations in property values and rental yields in particular locations. Essentially, we’re telling you to invest in property in the places where people want to live!
Want to Learn More?
Prospa Property Advisory can do all the research for you, and give you qualified advice on your next invest property. We have a phenomenal team of fully qualified QPIAs (Qualified Property Investment Advisors), and look forward to speaking with you. Call us on 1300 660 335 or email firstname.lastname@example.org to get in touch!
View an example Property Overview from Hervey Bay here.