Latest news with #JoshFoster
West Australian
28-05-2025
- Business
- West Australian
Trend of city slickers moving to the country continues as latest data shows strong flows into Harvey
The trend of city slickers moving to the country is continuing with the latest Regional Movers Index data showing strong migration flows into Harvey. The report — which uses Commonwealth Bank data — found net migration to regional Australia was sitting 40 per cent higher than the prevailing level pre-COVID, with people moving beyond the traditional commuter belt. Those people are willing to travel further from the main cities for a lifestyle they prefer, with CBA's acting executive general manager of regional and agribusiness banking Josh Foster saying more investment into Harvey was driving growth. There is also a trend of farming properties being subdivided into smaller lots, which are snapped up as lifestyle blocks and contributes to increased property prices, with Harvey benefiting from close proximity to Bunbury and Mandurah. '(The key drivers are) attractive location, competitive housing prices, job opportunities, the ability to still commute if you wanted to, along with the fantastic location,' Mr Foster said. 'Harvey's definitely benefiting from the close proximity to Bunbury and Mandurah.' It comes as new data from the Domain Sustainability in Property Report 2025 shows energy-efficient homes are not only fetching premium prices, but are massively growing in popularity across the State. Across Australia, energy-efficient houses are selling for $118,000 more than their counterparts with WA having some of the highest premiums for efficient houses in the country. Collie leads the way in WA for people looking to get a home offering lower energy bills with an energy-efficiency premium of 23.3 per cent added onto sustainable houses sold in the regional town. Domain's chief of research and economics, Dr Nicola Powell said the data shows energy-efficient homes are no longer just an ethical choice. 'They're a smart financial choice, particularly given rising energy prices and mounting cost-of-living pressures,' she said. 'Features like solar panels and energy smart designs can add tens, even hundreds of thousands to a home's value, and while new developments have made energy-efficient homes more accessible, there's still more work to be done, especially when it comes to upgrading existing homes and reimagining sustainable living in our major cities.'
News.com.au
28-05-2025
- Business
- News.com.au
Geelong tops Australia's regional migration rankings
More than one-in-10 people who packed up to move house outside of capital cities are settling in the Geelong region. Regional Australia Institute's Regional Movers Index for March saw Geelong record a 9.3 per cent net internal migration intake, overtaking Queensland's Sunshine Coast as the nation's leading destination for people moving to the country. When including the Surf Coast, Queenscliff and Golden Plains council areas, the region's intake rises to an almost 11 per cent share. Geelong's share of internal migration accelerated 96 per cent in the past year and is now greater than Victoria's next three most popular destinations combined – Ballarat, Bendigo and the Moorabool Shire. Greater Geelong's ascent comes as regional Victoria captured 34 per cent of the total net inflows. Commonwealth Bank acting executive general manager for regional and agribusiness banking Josh Foster said Geelong's idyllic location, established services and range of employment opportunities made is a star performer. 'This is underpinned by significant government and corporate investment in the region, including the Geelong Convention Centre which is due to be completed in 2026, and the Barwon's Women and Children's Hospital renovation and expansion expected to be completed in 2026/2027,' Mr Foster said. To support the demand for housing, a target of an additional 128,600 dwellings in Greater Geelong by 2051 has been set by the Victorian Government, he said. A roaring economy with rising blue collar and white collar industries saw more people choose the region, McGrath Geelong director David Cortous said. 'Geelong is leading the way with some manufacturing coming back,' he said. 'The blue collar grassroots of Geelong is well embedded through the region – that's one reason why its growing.' Growing health and education sectors and in particular the head office location of significant organisations such as NDIA, WorkSafe and TAC, as well as global clothing company Cotton On, meant the city was a destination for professional workers also, enjoying life in a city by Corio Bay and close to the Surf Coast. 'There's also the liveability compared to Melbourne because the congestion in the big cities now is hard on people's lifestyles,' Mr Cortous said. 'It's a more affordable lifestyle here – execs and professional people can still pull the same type of income and probably live a bit more affordably.' Property investors were also seeing the benefits, with Sydney buyers snapping up more investment properties in the suburbs, spurred on by low prices and the opportunity for growth and rental demand. Geelong's $720,000 median house price is still 4 per cent down on 12 months ago but market indicators show the city has passed the bottom of the market. 'We're just starting to see the needle move now with a couple of interest rate cuts and more migration,' Mr Cortous said, documenting more people looking at properties, including up to 30 per cent out-of-town buyers. But there are growing pains, such as development pressures to cater for more apartments and townhouses in existing suburbs and the high cost of building, property taxes and competition for tradies from massive state government projects in Melbourne. 'Because what the state government's done with taxes and what the state government has done with the cost of build a house because they've sucked so much labour into their own projects, building houses in expensive,' Mr Cortous said. 'I think there's going to more a lot of pressure on housing and demand for rental properties, because there hasn't been as many investors in the market.'
News.com.au
28-05-2025
- Business
- News.com.au
'Economic leader': Aussies flock to new regional hotspot
Victoria's Greater Geelong has become the nation's new top spot for regional migration, according to Commonwealth Bank's Regional Mover Index. Greater Geelong has toppled the Sunshine Coast's two-year winning streak with 9.3 per cent of total net internal migration in the March quarter 2025. The report, in partnership with the Regional Australian Institute, shows the trend of moving regionally that accelerated during the Covid pandemic is continuing, with 25 per cent more people moving from capital cities to the regions. RAI chief executive Liz Ritchie said Australians were leaving capital cities for the regions and not coming back. 'Regional Australia is being reimagined,' she said. 'The regions' enviable lifestyle offerings, buoyant jobs market, position as an economic leader and diverse communities are proving to be an ongoing lure, particularly for those in metropolitan areas. 'Contemporary regional Australia has what people are looking for and it's clear cliched images and misconceptions about regional living are well and truly a thing of the past.' Regional Australia's population now sits at 9.91 million, with the CBA indicating that number will continue to grow. CBA acting executive general manager Josh Foster said Geelong demonstrated Victoria's vitality. 'It's pleasing to see annual population growth is continuing to benefit Australia's regional economy as more people are drawn to the lifestyle and employment opportunities found beyond metropolitan areas,' he said. 'In a first for the RMI, Greater Geelong has become the star performer due to its idyllic location, established services and range of employment opportunities.' To support the demand for housing, the Victorian government has set a target of an additional 128,600 dwellings in Greater Geelong by 2051. Sydney exodus continues Sydney continued to record the largest net outflows of all capital cities, driven by higher house prices in the Harbour City. The report said 40 per cent of those leaving Sydney were going to regional NSW, while 17 per cent were heading north to regional Queensland, a drop from 30 per cent this time last year. Despite the fall, the Sunshine Coast still ranks second overall, while the Gold Coast, Townsville and Fraser Coast are also picking up ex-Sydneysiders. 'Queensland's warmer climate and generally more affordable housing in regional locations ensures that it remains a magnet for movers from Sydney and Melbourne,' Mr Foster said. Movement was not restricted to the eastern seaboard, with Victor Harbor in South Australia recording strong interest from regional movers and Denmark and Harvey in Western Australia remaining popular with both regional and city movers alike. The index focuses specifically on movement to and from regional areas and excludes capital city moves.
West Australian
28-05-2025
- Business
- West Australian
'Economic leader': Aussies flock to new regional hotspot
Victoria's Greater Geelong has become the nation's new top spot for regional migration, according to Commonwealth Bank's Regional Mover Index. Greater Geelong has toppled the Sunshine Coast's two-year winning streak with 9.3 per cent of total net internal migration in the March quarter 2025. The report, in partnership with the Regional Australian Institute, shows the trend of moving regionally that accelerated during the Covid pandemic is continuing, with 25 per cent more people moving from capital cities to the regions. RAI chief executive Liz Ritchie said Australians were leaving capital cities for the regions and not coming back. 'Regional Australia is being reimagined,' she said. 'The regions' enviable lifestyle offerings, buoyant jobs market, position as an economic leader and diverse communities are proving to be an ongoing lure, particularly for those in metropolitan areas. 'Contemporary regional Australia has what people are looking for and it's clear cliched images and misconceptions about regional living are well and truly a thing of the past.' Regional Australia's population now sits at 9.91 million, with the CBA indicating that number will continue to grow. CBA acting executive general manager Josh Foster said Geelong demonstrated Victoria's vitality. 'It's pleasing to see annual population growth is continuing to benefit Australia's regional economy as more people are drawn to the lifestyle and employment opportunities found beyond metropolitan areas,' he said. 'In a first for the RMI, Greater Geelong has become the star performer due to its idyllic location, established services and range of employment opportunities.' To support the demand for housing, the Victorian government has set a target of an additional 128,600 dwellings in Greater Geelong by 2051. Sydney exodus continues Sydney continued to record the largest net outflows of all capital cities, driven by higher house prices in the Harbour City. The report said 40 per cent of those leaving Sydney were going to regional NSW, while 17 per cent were heading north to regional Queensland, a drop from 30 per cent this time last year. Despite the fall, the Sunshine Coast still ranks second overall, while the Gold Coast, Townsville and Fraser Coast are also picking up ex-Sydneysiders. 'Queensland's warmer climate and generally more affordable housing in regional locations ensures that it remains a magnet for movers from Sydney and Melbourne,' Mr Foster said. Movement was not restricted to the eastern seaboard, with Victor Harbor in South Australia recording strong interest from regional movers and Denmark and Harvey in Western Australia remaining popular with both regional and city movers alike. The index focuses specifically on movement to and from regional areas and excludes capital city moves.
Yahoo
28-05-2025
- Business
- Yahoo
Shock city Aussies are moving to
Victoria's Greater Geelong has become the nation's new top spot for regional migration, according to Commonwealth Bank's Regional Mover Index. Greater Geelong has toppled the Sunshine Coast's two-year winning streak with 9.3 per cent of total net internal migration in the March quarter 2025. The report, in partnership with the Regional Australian Institute, shows the trend of moving regionally that accelerated during the Covid pandemic is continuing, with 25 per cent more people moving from capital cities to the regions. RAI chief executive Liz Ritchie said Australians were leaving capital cities for the regions and not coming back. 'Regional Australia is being reimagined,' she said. 'The regions' enviable lifestyle offerings, buoyant jobs market, position as an economic leader and diverse communities are proving to be an ongoing lure, particularly for those in metropolitan areas. 'Contemporary regional Australia has what people are looking for and it's clear cliched images and misconceptions about regional living are well and truly a thing of the past.' Regional Australia's population now sits at 9.91 million, with the CBA indicating that number will continue to grow. CBA acting executive general manager Josh Foster said Geelong demonstrated Victoria's vitality. 'It's pleasing to see annual population growth is continuing to benefit Australia's regional economy as more people are drawn to the lifestyle and employment opportunities found beyond metropolitan areas,' he said. 'In a first for the RMI, Greater Geelong has become the star performer due to its idyllic location, established services and range of employment opportunities.' To support the demand for housing, the Victorian government has set a target of an additional 128,600 dwellings in Greater Geelong by 2051. Sydney exodus continues Sydney continued to record the largest net outflows of all capital cities, driven by higher house prices in the Harbour City. The report said 40 per cent of those leaving Sydney were going to regional NSW, while 17 per cent were heading north to regional Queensland, a drop from 30 per cent this time last year. Despite the fall, the Sunshine Coast still ranks second overall, while the Gold Coast, Townsville and Fraser Coast are also picking up ex-Sydneysiders. 'Queensland's warmer climate and generally more affordable housing in regional locations ensures that it remains a magnet for movers from Sydney and Melbourne,' Mr Foster said. Movement was not restricted to the eastern seaboard, with Victor Harbor in South Australia recording strong interest from regional movers and Denmark and Harvey in Western Australia remaining popular with both regional and city movers alike. The index focuses specifically on movement to and from regional areas and excludes capital city moves.
