The Australian Bureau of Statistics (ABS) on Friday released data showing that thousands of Australians have ditched Sydney and Melbourne and moved to South East Queensland (SEQ).
As shown in the next chart, 30,087 residents left Sydney in the 2020 Financial Year, whereas 9,266 residents left Melbourne over the same period. By contrast, Brisbane gained 13,779 residents from the rest of Australia.
Brisbane has gained nearly 13,800 residents from the rest of the nation, particularly Sydney and Melbourne.
The gains extend to the Gold Coast (+6,709) and Sunshine Coast (+6,230), which were the two biggest recipients on internal migration in the 2020 Financial Year, whereas Sydney and Melbourne areas experienced the biggest loss of residents over the same period:
South East Queensland has received large numbers of residents from Sydney and Melbourne.
The migration of Aussies to South East Queensland from Sydney and Melbourne helps to explain why Brisbane’s rental market has tightened while Sydney’s and Melbourne’s has been driven into oversupply:
Brisbane’s rental vacancy rate has tightened while Melbourne’s and Sydney’s ballooned.
The fact of the matter is that South East Queensland remains far cheaper to live and offers a far better lifestyle than either Sydney or Melbourne.
This is why I am more bullish on Brisbane property over the longer-term than its southern counterparts.
