End of lockdowns is making cities "more attractive," expert says
Many Australians moved interstate during the pandemic, but new data suggests that open state borders and the opportunity to travel have caused that trend to slow.
The Australian Bureau of Statistics found that most states and territories posted positive population growth in the 12 months to September, according to a report by The Australian. Queensland topped the list, up 1.1%, or nearly 57,800 people. Victoria’s population, on the other hand, fell by 32,700 people.
A recent PropTrack analysis for The Weekend Australian found that interstate searches on Realestate.com.au had fallen 10% over the past three months compared to the same time last year. PropTrack economist Angus Moore told the publication that there were several factors behind the slowdown in demand, which reflected broader market trends.
Moore said that over the past few years, cross-state demand had pushed prices skyward.
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“One reason was the relative affordability of those areas, and, two, people were keen to escape lockdowns in Sydney and Melbourne and were looking for more lifestyle properties in places like Brisbane or Hobart,” he told The Australian. “Interstate migration is still happening, but we are starting to see it sort of come back the other way. People are now working from the city again. Sydney and Melbourne are open, and … that makes living in the city more attractive.”
Residents in most states and territories searched for Queensland properties in the last three months, with searches in the Gold Coast topping the list in New South Wales, Tasmania and the Australian Capital Territory, The Australian reported.
