Tens of thousands of Australians are prepared to move cities in their hunt for affordable housing, according to new research by market analysts, Propertyology.
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Sydney: The biggest gains from interstate migration were Camden (5,531), The Hills Shire (2,044) and Liverpool (1,068), according to Propertyology.
The company’s Head of Research Simon Pressley said that Sydney’s strong population growth was mainly due to overseas migration, however, new local residents were opting for more affordable city regions.
“There’s a pull towards Sydney’s more affordable areas like Camden and Liverpool, but on the other hand, there appears to be a push away from locations that are attracting the highest proportion of overseas migration,” he said.
Median house price: Camden $745,000, The Hills Shire $1,375,000, Liverpool $805,000
Melbourne: The biggest gains from interstate migration were Casey (6,051), Wyndham (5,255) and Melton (3,844).
“Melbourne is Australia’s second most expensive city, but its population is growing strongly and most of those people want to own a property as part of putting down roots in their new city,” Mr Pressley said. “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 in comparison.”
Median house price: Casey $565,000, Wyndham $520,000, Melton $460,000
Brisbane: The biggest gains from interstate migration were Moreton Bay (5,110), Ipswich (3,223), and Redland (1,237).
Mr Pressley said Queensland was in the midst of an interstate migration boom with more than 17,000 new residents in one year alone. “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.
Median house price: Moreton Bay $455,000, Ipswich $345,000, Redlands $531,000
Perth: The biggest gains from interstate migration were Wanneroo (1,402), Serpentine-Jarrahdale (1,311), and Armadale (1,227).
Mr Pressley said Greater Perth’s population growth of 20,085 last year was about half of the 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.” Median house price: Wanneroo $430,000, Serpentine-Jarrahdale $430,000, Armadale $395,000
