Net internal migration figures into Brisbane the best in ten years

Sydney or Brisbane? A timely discussion with State of Origin this week.  

 

The REIQ March Queensland Market Monitor report shows inter-state migration out of Sydney and into Brisbane and other areas is on the rise, with one of the contributing factors being price. Brisbane is seemingly benefiting from the current state of unaffordable housing in Sydney. The report shows the median house price in Brisbane was again considerably lower than Sydney ($900,000 in Sydney compared to $514,000 in Brisbane). Other capital cities ranked as follows; Melbourne ($650,000), Canberra ($635,000), Darwin ($530,000), Perth ($506,000), Adelaide ($450,000), and Greater Hobart ($381,000).

 

The figures in the report from the Australian Bureau of Statistics for 2015-2016 show that Brisbane had the highest net internal migration gain of all the greater capital cities (10,100 people); this is the highest it has been in at least ten years. Ahead of Melbourne (8,300), and Hobart (400). Sydney had the highest net loss of all Greater Capital Cities in the same periods (-23,200), followed by Adelaide (-3,300), Darwin (-1,200), and the Australian Capital Territory (-180).

 

Earlier this week, The Australian reported Brisbane was the more affordable then Sydney or Melbourne when it comes to percentage of household income to service a mortgage; with 45% for Sydney, 39.4% in Melbourne, and 31.8% in Brisbane. 

 

Whether you support the Blues or Maroons, Brisbane is showing consistent housing affordability which will continue to drive investment with lower buy-in prices, and value for money for home owners; giving the Brisbane property market more momentum in months and years to come.

 

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