Recent data from the Regional Movers Index (RMI) has shown that more people are moving from capital cities to regional areas of Australia than the other way around. The index was set up in 2019 and it’s the first time since then that regional moves have come out on top.
Where are people moving to?
Many of the regional areas people are moving to are well known. The most popular destination is the Sunshine Coast in Queensland, followed by Geelong in Victoria.
The top five is rounded out by Fraser Coast (QLD), Moorabool (Victoria) and Lake Macquarie (NSW).
Based in Newcastle, we’ve seen a surge of people moving up from Sydney to Lake Mac and surrounding areas. This effect can be seen more fully when you expand the table as nearby Maitland and Cessnock come in at sixth and seventh.
Port Stephens is also in the top 20, but its growth is slower because it’s been a popular retirement spot for decades.
Where are people moving from?
The biggest cohort of regional movers are coming from Sydney, which accounted for more than half (55%) of all people leaving the capital cities. Melbourne came next with 36%
Although much smaller percentages, the number of people leaving Adelaide, Brisbane and Perth were all up too.
Why are people moving to regional Australia?
There are a few reasons, but one of the biggest is financial. The median property prices in capital cities is far, far higher than in regional spots, with the average home loan more than $700k these days.
People leaving Sydney in droves is no huge surprise, as the prices here are higher than anywhere in the country. We explored how far a Sydney property budget would stretch in Newcastle, and the results were huge.
Of course, regional Australia has some of the most beautiful aspects of the country. Quiet beaches, lush rainforest, boutique stores, bigger plots and a quieter pace of life means you can get almost everything you could want by moving regionally.
As people move regionally, we’re likely to see property prices rise across the country. If that’s your goal, we looked at some of the best regional NSW investment spots here.
Financing your regional move
If the idea of living in regional Australia appeals to you, it’s probably best to secure your property before prices get too high. With incentives like the 5% deposit scheme and cash bonuses for moving to rural spots available for some careers, now might be the best time to move.
Call us on (02) 8488 7595 and one of our brokers will discuss your options.
