We are all aware of the exodus from the cities to regional areas during the pandemic whether it’s through your kids new school friends, the traffic on the road or competition for real estate.
These movements give support to the growth in the regional property markets and understanding whether it’s slowing or growing is a useful insight into future demand for the area and where investors may choose next.
So, are people still moving from the cities to the regions?
The Regional Movers Index report by the CBA and The Regional Australia Institute for September 2023 quarter says yes they are.
During the last few months, a significant number of people have been on the move, and this trend has been consistent.
In fact, the recent data shows that the movement of the Australian population is the third-highest since March 2018.
The Sunshine Coast continues to be the most favoured destination for Australians relocating, securing the top spot for the fourth consecutive quarter.
In second and third positions are Greater Geelong and the Gold Coast, both claiming an 8.3% share of total internal migration.
The Gold Coast relies heavily on people moving from cities, whereas Greater Geelong attracts a more balanced mix of city and regional movers.
Another consistent choice for city dwellers is the Fraser Coast with a 6.5% share of total internal migration.
Regional Movers Index September 2023 Quarter Report
In Queensland the vacancy rates reflect the demand with Sunshine Coast at 0.9%, Gold Coast 1%, Fraser Coast 0.9%.
As the data shows there is still growth and if the net internal and overseas migration continues there is opportunity for investors to reduce their risk by considering these regions.
Matt Gibson
November 16, 2023
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