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Buyers flocking interstate to find cheaper property

Posted on: May 1, 2017 by Tim McClare

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A growing number of young families are now making the move to Victoria, Queensland and Tasmania to find cheaper house prices and a better lifestyle.

Recent ABS data confirmed the growing trend. The figures show, the interstate migration of children and adults between 30 – 45 at their strongest level since the GFC.

Melbourne the main gain

Urban and Regional Planning and Policy chair at the University of Sydney Professor Peter Phibbs said the statistics could start to mirror the early 2000s, where there was a surge away from Sydney after a house price boom.

“What we’ve seen is a pattern in Sydney which does respond to house prices. High property prices are a huge problem for people starting a career or a family, and it causes talent to leave – usually to Melbourne.” He said.

In Victoria, the net internal migration statistics show every age group experienced a net increase last year. Those in their 20s led the pack, followed by those in their 30s. And looking at the median property prices and rents, it is not hard to see why Melbourne is proving more popular to families in Sydney.

Sydney too expensive

BIS Shrapnel Senior Manager Residential, Angie Zigomanis said young families could find new land blocks within 35 kilometres of Melbourne CBD, in areas such as Melton or Tarneit, for under $250,000.

For those looking to buy a house, the median Sydney price is now above $1.1 million – $300,000 more expensive than in Melbourne.

For renters, it is also a much more favourable situation in Melbourne. Domain Group data shows house and apartment rents in Sydney at $540 and $520 a week respectively. In Melbourne, the median asking rent was $410 and apartments were $380.

Queensland and Tasmania also popular

Victoria is not the only state attracting young families and couples.

Queensland has also been a location of choice. Brisbane’s median house rent was $400 a week with house prices at $540,760 – less than half of Sydney. Meanwhile the median rent for a house in Hobart is $355 a week.

 

Original Article Source: Domain news

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