Latest news with #RegionalMoversIndex
Time Out
2 days ago
- Business
- Time Out
Geelong is the top destination in Australia for city dwellers migrating to regional areas
While we will always be Melbourne's biggest advocates, we can understand that the hustle and bustle of a big city isn't for everyone. Sure, the allure of world-class restaurants and scintillating stage shows is undeniable, but there is also an appealing side to the slower life away from bright lights and traffic jams. So when a quieter lifestyle calls, where are people choosing to live? Well, it turns out there has been a huge surge in city dwellers opting for Melbourne's smaller sibling, the regional town of Geelong. So much so that the Greater Geelong area has been reported as the top destination in Australia for regional migration from capital cities. This intel comes from the latest edition of Regional Australia Institute 's quarterly Regional Movers Index (RMI), which in partnership with the Commonwealth Bank, used relocation data from its customer base of 14.3 million people to determine the stats. The RMI began after a big trend in people moving away from capital cities emerged during the Covid-19 pandemic, with the average level of regional migration since then remaining consistently around 20.5 per cent higher than pre-pandemic times. Geelong was the most popular place in the country for people wanting a tree change during the 12 months to March 2025, seeing a 116 per cent increase in migration inflow from the same period the previous year. Other top regions across the country were the Sunshine Coast in Queensland, Lake Macquarie in New South Wales, Moorabool in Victoria and Maitland in New South Wales. The Victorian local government areas of Latrobe in Gippsland and Greater Bendigo were also among popular areas with the biggest growth in migration from capital cities. This trend isn't going anywhere either – it's still on the up. In the first quarter of 2025, migration from capital cities to regional areas increased by 10.5 per cent. Most of this movement has come from people leaving Sydney and Melbourne. We know there's plenty in the regions for tree-changers to enjoy – from quaint country towns to stunning national parks and heaps more. So for those leaving the concrete jungle behind, there's still plenty to explore.
Herald Sun
4 days ago
- Business
- Herald Sun
Interest rate cut has immediate impact on Geelong home prices
Geelong's property market is just a chip-shot away from making up the ground lost in home prices over the past 12 months, new data shows. The latest PropTrack Home Price Index results reveals the median home price in Geelong ended May just .67 per cent shy of the value recorded at the same time last year. It marks a quick turnaround as the Reserve Bank locked in the second interest-rate cut in 2025 a fortnight after the government banked a stunning federal election win. RELATED: 'Biggest challenge' facing Geelong's population success Geelong tops Australia's regional migration rankings East Geelong character home sells $120k above reserve Geelong's median house price reached $893,000 in May, according to the PropTrack figures, just shy of the figure recorded in 2024. The value of a typical unit is up on all measures, reaching $612,000 by the end of May. PropTrack senior economist Eleanor Creagh said Geelong was not far off returning to positive territory on annual terms. 'It's a bit of a chip shot, and it's likely that prices are going to continue lifting throughout the remainder of 2025,' Ms Creagh said. 'We're seeing that price momentum has increased and broadened with interest rates falling. 'And we know that lower interest rates have lifted borrowing capacities and boosted buyer demand, and of course, with further price increases and rate cuts expected, prospective buyers are moving off the sidelines and accelerating their purchasing decisions. 'And as a result, we're seeing that growth momentum has increased, underpinned by improving buyer sentiment and confidence.' Ms Creagh said it appears that interest rates moving lower has buoyed buyer confidence. 'I think people are anticipating that interest rates are going to continue to move lower already and that prices are going to continue to rise.' The fast turnaround comes regional prices outpaced the combined capitals. Regional home prices are now 65 per cent higher than their levels five years ago. The turnaround in buyer sentiment after an interest-rate cut comes amid continued strong population growth on the back of nation-leading internal migration figures. More than 10 per cent of people moving to regional Australia have settled in Geelong, the Regional Australia Institute data from the Regional Movers Index revealed. McGrath, Geelong agent David Cortous said the changing sentiment was already visible on the streets, with more people attending inspections, watching auctions and in some cases competing for properties. 'The Geelong market has been flat on price to two years now,' Mr Cortous said. 'We're starting to see that multiple buyers are back on properties now and we're selling through stock that's been sitting there. That's an indicator that the needle is moving.'
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.'
Sky News AU
27-05-2025
- Business
- Sky News AU
Geelong tops Australia's regional migration rankings, overtaking the Sunshine Coast after two years at number one
Regional Queensland has fallen on Australia's migration ladder, while regional Victoria is gaining momentum as people from Australia's biggest capitals ditch city life. According to the latest Regional Movers Index (RMI) released by the Regional Australia Institute (RAI), Geelong accounted for 9.3 per cent of total net internal migration in the 12 months to March 2025. The Cat's home turf has knocked the Sunshine Coast off the top of the leaderboard again, with the Queensland city accounting for 8.9 per cent of internal migration. Migrating Sydneysiders and Melburnians continue to be the main drivers of the population shift. In the March quarter, 64 per cent of people leaving capital cities for the regions were from Sydney, with Melburnians making up 38 per cent of the shift. Net migration to regional Australia remains 40 per cent higher than pre-COVID levels. Lake Macquarie in NSW and Moorabool in Regional Victoria came in third and fourth on the list, respectively, both areas gaining much of their population from capital citiies. However, Maitland, which came in fifth, is seeing a boom due to both capital city residents as well as people relocating from other regional areas. RAI CEO Liz Ritchie said the figures show Australians have a willingness to embrace regional living. 'The nation's love affair with regional life is showing no signs of abating with 25 per cent more people moving from capital cities to the regions, than back in the opposite direction," Ms Ritchie said. "Further, net migration to regional Australia is now sitting 40 per cent higher than the prevailing level in the pre-pandemic era." 'Regional Australia is being reimagined. 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. Ms Ritchie said contemporary regional Australia "has what people are looking for", suggesting negative "misconceptions" abour regional areas were a thing of the past.
Yahoo
27-05-2025
- Business
- Yahoo
Surprise town Aussies are flocking to in new internal migration trend
A new favourite has emerged as the most sought-after regional hotspot for Australians relocating within the country as Aussies look for the best place to settle. Greater Geelong in Victoria has now overtaken Queensland's Sunshine Coast to become the country's most popular destination for internal movers, according to the latest Regional Movers Index (RMI). The Victorian city now claims 9.3 per cent of the nation's total net internal migration, nudging past the Sunshine Coast's 8.9 per cent share and ending its two-year reign at the top. The report, a partnership between the Regional Australia Institute (RAI) and the Commonwealth Bank, highlights a continued post-pandemic shift from cities to regional areas, with capital-to-regional moves up nearly 11 per cent from last quarter and 20.5 per cent higher than pre-Covid levels. The index focuses specifically on movement to and from regional areas, excluding capital cities like Sydney and Melbourne from the rankings. That means Geelong's top spot doesn't mean it drew more total movers than capital cities, but among all regional destinations, it had the largest share of net internal migration in the 12 months to March this year. The figure reflects the number of people moving into an area from elsewhere in Australia, minus those moving out, making it a strong indicator of growing popularity among those seeking a "regional lifestyle" while remaining relatively close to urban centres. RAI CEO Liz Ritchie said the data confirms a long-term trend. "The nation's love affair with regional life is showing no signs of abating," she said. "Contemporary regional Australia has what people are looking for... clichéd images and misconceptions about regional living are well and truly a thing of the past." Former Sydney resident Alanna is one of these regional movers; formerly a Sydney resident, she now resides on the Sunshine Coast. "For me, it's been the fact there's no traffic and (mostly) no issues with parking," Alanna said. "I don't know if I can ever return to a one-hour commute. "I love the lifestyle I can have with my partner, being able to live by the beach and having the beautiful hinterland close by. There are great camping spots and rivers to go boating and fishing on." Geelong's rise is part of a wider boom across regional Victoria, which attracted 34 per cent of all regional net inflows in the March quarter, up from 28 per cent a year earlier. The state also produced the two fastest-growing regional local government areas — Latrobe and Murrindindi. CBA Acting Executive General Manager Josh Foster said Geelong stood out for more than its location. "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," he said. "This is underpinned by significant government and corporate investment in the region." The regional towns Aussies are fleeing to in droves Aussie couple's cost of living solution after ditching their 9 to 5s 'Alarming' new finding highlights harsh reality for struggling Aussies Major infrastructure projects like the Geelong Convention Centre and Barwon's Women and Children's Hospital are helping drive growth. The state government has set a housing target of 128,600 new dwellings in Geelong by 2051. Sydney continues to lead net capital city outflows (64 per cent), with regional NSW securing 40 per cent of total inflows. Queensland's regional share dipped to 17 per cent from 30 per cent last year, though the state remains attractive due to its climate and housing affordability. The Sunshine Coast still ranked second overall, while locations like the Gold Coast, Townsville and Fraser Coast remain strong magnets. Elsewhere, SA's Victor Harbour and WA's Denmark and Harvey also saw strong interest from movers. Ritchie called for greater government focus on sustaining this momentum. "There are big economic gains to be made by supporting, facilitating and nurturing growth across the regions," she said. "Those benefits can only be achieved by ensuring communities have the infrastructure, facilities and funding they need." Love Australia's weird and wonderful environment? 🐊🦘😳 Get our new newsletter showcasing the week's best stories.
