The Australian Bureau of Statistics (ABS) yesterday released data showing that thousands more Australians have ditched Sydney and Melbourne and moved to Queensland.
As shown in the next table, 8,169 residents left Sydney and 8,273 residents left Melbourne over the March quarter. By contrast, Brisbane gained 3,274 residents from the rest of Australia:
The next chart plots internal migration on an annual basis, with Sydney losing 31,600 residents and Melbourne 32,200 residents in the year to March 2021. By contrast, Brisbane added 14,400 residents from the rest of Australia:
Interestingly, Australia’s capital cities in aggregate lost a record 11,800 residents to regional Australia over the March quarter:
Finally, Queensland at the state level was also the main beneficiary from internal migration over the March quarter (+7,035), gaining residents from both NSW (-4,463) and VIC (-4,764):
Sydney’s long hard lockdown, alongside its deteriorating housing affordability, will likely see increasing numbers of residents flee to QLD.
This is one of the reasons why I am particularly bullish on Brisbane property.