Housing price growth in Sydney remains stronger than any where else in the country due to the welcoming accompanying spurt in jobs along with improved economic conditions.
But the substantial cost of housing in Sydney makes it a less desirable location for people to live here.
The price boom of 2012-2016 will result in many young families considering alternatives to Sydney, especially when it comes time to upgrade to a bigger house.
Overseas migration typically attracts the headlines as the key factor in population growth and price growth, but what is often overlooked is the impact of interstate migration on the demographic composition of the states and territories.
Yes net overseas migration added 180,000 people to the Australian population, but some 350,000 people moved between states and territories in 2015.
Victoria recorded the highest overall population growth rate of all states and territories at 1.9 percent, adding an extra 114,900 people to the population with net overseas migration the main contributor to growth in Victoria, adding 62,800 people to the population over the year. The remainder of Victoria’s population change was explained by natural increase (+37,600) and net interstate migration (+14,500).
NSW’s was 1.4 per cent, adding 103,000 over the year ending March 2016, but NSW had 90,000 interstate arrivals over the year and around 100,000 who left.
The exodus is underway.
