Interstate migration – where would you go? Part one
Interstate migration levels are at a historically low ebb according to CoreLogic RP Data. The latest stats – September 2014 – from the Australian Bureau of Statistics (ABS) show that the population is less mobile than at any time since December 1993. There is speculation around the reasons for this, and CoreLogic RP Data points towards the decline in resource-related activity.
While the slowing down of the mining boom may be affecting the job prospectus of certain states, the Real Estate Institute of Australia has noted that barriers to population and labour mobility could also come from high taxes, such as stamp duty, which increase the cost of relocating.
However, for those considering moving to another state to take advantage of lower prices, cheaper rents or more accessible lifestyle opportunities – where would you live? Here is a quick round up of the eight states and territories and their real estate appeal, presented in alphabetical order.
ACT – Canberra
The Australian Capital Territory may not be the first thing that pops to mind when you think about moving to a hip new location – but that could all be about to change. According to a 6 February article published by Property Council of Australia, there is plenty to get excited about in the capital’s capital.
While you may associate Canberra and the rest of the state with government officials and less-than-lively corporate events, new higher-density and mixed-use buildings are capitalising on this city’s need for a culture injection. Introducing new levels of quality and greater access to eateries, cultural facilities and nightlife, apartments in the busier side of town are becoming more desirable.
According to SQM Research the latest median asking price for units in Canberra was just over $370,000 – not bad. Nestled between Melbourne and Sydney on the NSW side of the border, Canberra is not as far from the action as you might think, and is surrounded by pristine natural attractions and is steeped in history.
NSW – Sydney
New South Wales is positioned in one of the most idyllic locations on the Eastern Seaboard. And as far as capital cities go, Sydney hardly calls for an introduction. While NSW’s interstate migration figures are generally on the low side, the ABS figures reveal that the latest numbers are the best since records started.
Not only is there less attraction in the mining states to draw loyal Blues fans away, but the rocketing prices in Sydney and surrounds are likely keeping residents motivated. The CoreLogic RP Data Pain and Gain report showed that over the December quarter, Sydney was the area in Australia with the lowest proportion of loss-making sales, at only 2.4 per cent. In other words, 97.6 per cent of all homes for sale turned a profit.
Northern Territory – Darwin
Real estate in Darwin is often noted as being quite pricey. For the week ended 22 April, SQM Research reveals that the median asking price for a house in the NT capital is $672,000, while apartments and units fetch closer to $475,000. Prices here have been driven up by the recent resources boom and with things quietening down, so are prices.
This represents a good opportunity for buyers, who would look to take advantage of falling prices and infrastructure that has been established over previous years.
Queensland – Brisbane
Queensland has many great places to live, work and play, and real estate in Gold Coast is just as tempting as that in Brisbane or Surfers Paradise. With increases in rent just below the national average for the last year, according to CoreLogic RP Data’s Quarterly Rental Review, Brisbane represents a good opportunity for anyone looking for houses to rent.
Recently Antonia Mercorella of the Real Estate Institute of Queensland noted that median house prices in the state’s capital had just broken the $600,000 barrier for the first time. While this was good news for vendors, she noted that a decent home in Brisbane could still be had for $400,000.
Remember to check back for part two of this series – there are four more capitals to go!