The surprising place young Australians are moving to as job vacancies hit record-high levels
Tired of unaffordable housing, young Australians are increasingly moving to regional areas as available jobs outside major cities rise to record highs.
With homes in Sydney and Melbourne out of reach for middle-income people, Generation X and millennials are flocking to provincial centers and small towns as working from home becomes more common.
In a remote town in South Australia, migration from the major cities has doubled in the past year, at 31 as the median age of these new residents.
Younger adults are so fed up with unaffordable housing that a third of Domain searches for properties in regional NSW came from Sydney.
Domain research director Nicola Powell said a 40 percent increase in Sydney’s median home price between June 2020 and March 2022 meant a home in a regional area was a better option, even as the property market cooled.
“We expect the slowdown in price growth to continue and buying conditions for buyers to improve, but we are unlikely to see a return to pre-pandemic prices,” she said.
Affordability continues to play an important role in searches.
“This is happening in Sydney and other regions, especially as people are being pulled out of the city.”
Tired of unaffordable housing, young Australians are increasingly moving to regional areas as available jobs outside major cities rise to record highs (pictured is Surfers Paradise on the Gold Coast)
A Domain report on the NSW real estate market found that Generation X and Millennials, ages 25 to 44, were the largest group to move to regional parts of the state for “affordability, a laid-back lifestyle, and more space.”
A third of property sales site searches for a regional home in April came from Sydney.
Homes in Wollongong and Newcastle also sell the fastest, indicating that younger adults are attracted to areas within a two-hour drive of Sydney.
The Commonwealth Bank, Australia’s largest mortgage lender, also released a report showing that young people were the bulk of movers to regional areas in March.
The Regional Australia Institute think tank, which co-authored a March quarterly report with CBA, said affordability was a key driver.
“Regional life is attracting more young people and especially younger families who are looking for larger living spaces at a lower cost,” said institute director Liz Ritchie.
Ceduna, a coastal town 800km northwest of Adelaide with a population of just 3,400, saw the number of people moving there from a capital double in the year to March, or rose 114 percent, with 31 the average age of new residents.
The South Australian town of Mount Gambier had an 85 percent increase, while Port Augusta north of Adelaide had a 74 percent increase.
Ceduna (pictured), a coastal town northwest of Adelaide, saw the number of people moving there from a capital city double in the year to March, or rose 114 percent, with 31 being the average age of new residents
The median age in both cities was 29 years.
Moorabool near Geelong had a 56 percent increase, as did the Western Downs region of southern Queensland, at 35 and 30 respectively, the median age of new residents.
Regional Australia is also experiencing a job boom with a record high of 85,927 available jobs in May, up 24 percent from a year ago, data from the National Skills Commission shows.
Outside the capitals, the Gold Coast had the most vacancies last month at 7,265, followed by Newcastle and the Hunter (6,466 vacancies), the Sunshine Coast (3,842 vacancies), Victoria’s Gippsland region (3,060 vacancies) and the New South Wales Central West ( 2,406 vacancies).
The Gold Coast also had the highest share of regional migration at 11 percent, followed by the Sunshine Coast (5 percent), Geelong (4 percent), Wollongong (3 percent) and Newcastle (2 percent), in the Commonwealth Banking Report. Regional Australia Institute.
The Domain report on regional NSW showed that houses in Russell Vale, in Wollongong, sold the fastest, with nearby Haywards Bay also on the list.
The Newcastle suburbs, Hamilton North and Mayfield East, were also in the top five, along with Yanderra in the Southern Highlands.
The Domain report on regional NSW showed that houses in Russell Vale (house pictured), in Wollongong, sold the fastest, with nearby Haywards Bay also on the list