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The last population movement data from the Australia Bureau of Statistics revealed that between 2016 and 2021, NSW saw migration of interstate movers put the population at a net loss of 102,200 people.
This was comprised of 196,193 arrivals and 298,420 departures. For comparison, the five years before 2016 saw the net figure at 48,872, and 2011 at 68,866.
Sydney was the worst impacted city for losing people in this period. In fact, the capital lost 3 per cent of its population in the five years to 2021. Between 2020 and 2021, Sydney saw a net loss of 0.9 per cent, or 49,100 people.
More and more people are leaving Australia’s most populous city. The next census is slated for 2026, which will highlight further migratory trends.
The reason for this exodus, according to buyer’s agent and founder of Wallace Advocates, Emily Wallace, is the unaffordability of Sydney.
She said Melbourne has become an attractive option due to cheaper rents: “Sydney is now unaffordable for many people, especially families. If owning a home is a high priority and people feel that rent money is dead money in Sydney, they are looking to Melbourne as an opportunity that is more affordable but still has the big city lifestyle that Sydney offers,” Wallace said.
“I am seeing a noticeable increase of Sydney siders looking to Melbourne for more affordable properties that still have close proximity to the city. It is certainly popular and I anticipate it will remain that way. Keeping in mind that Melbourne was voted the most liveable city for a number of years and is slowly regaining its popularity as the city returns to what it was pre-pandemic.”
The new world of work has paved way for more opportunities to work remotely. The increase in people moving to our nation’s regions is an example of that.
“Another driving force is flexibility in the workplace allowing remote work or even a change of location to retain staff which makes the transition easier,” Wallace said.
With this in mind, borrowers may want to look interstate to purchase property. Wallace understands it can be difficult to purchase remotely as not “having your feet on the ground” means you need to place a lot of trust on what is presented online.
“When the market is hot and moving at pace, not being easily accessible to a property could potentially mean you miss out due to not being available for open for inspections. In a really hot market, we sometimes see properties sell straight after the first open home,” she said.
“Sometimes buyers will rely on family and friends who live in the state they are looking to buy in to help with the process. The idea of engage a buyer’s advocate has become more popular over time for the very reason that having experts on the ground who can independently advise is really important.”
Brokers who are assisting in interstate loans must remember that each state and territory has different rules and regulations when it comes to home ownership.
“Every state is different, especially when it comes to things like stamp duty,” Wallace added.
Related: Internal migration a boon for regional housing markets
