New data from the Commonwealth Bank reveals that migration from capital cities to regional areas over the past two years is averaging 15 per cent higher than what it was in the two years pre-COVID 19.
The latest Regional Movers Index – a partnership between the Commonwealth Bank and the Regional Australia Institute (RAI) – noted that net migration to the regions remains strong, though the number of people relocating to the regions in the December 2021 quarter was down 10 per cent compared to the previous quarter, which is attributed to the high movement already seen in previous quarters, as well as seasonal conditions and accelerated regional housing price growth.
Australia’s two largest capital cities saw the majority of net outflows in 2021, with Sydney and Melbourne suffering the most among the cities from the outward migration, with respectively 53 per cent and 46 per cent of outflows recorded during the year.
Meanwhile, the Gold Coast remained the most popular destination among metro migrants in 2021, with 11 per cent of those from capital cities moving into the area. The Sunshine Coast wasn’t far behind (five per cent), followed by Greater Geelong (four per cent) and Wollongong (three per cent). New South Wales absorbed 50 per cent of the net inflows of people moving to regional Australia in 2021, while Queensland and Victoria picked up 20 and 21 per cent of the inflows respectively.
Commonwealth Bank’s Executive General Manager for Regional and Agribusiness Banking, and RAI Regional Australia Council (RAC2031) member, Paul Fowler said, “City siders have really embraced Australia’s regions over the past two years and as we see flexible working arrangements continue and Australia’s domestic and international borders opening up, it’s likely we will continue to see this movement as people recognise the benefits of a regional lifestyle.”
Dr Kim Houghton, the RAI’s Chief Economist and Acting CEO said, “With two years of the Index we can now clearly see the impact that COVID has had on people seeking a regional lifestyle. It is particularly exciting that many of the smaller regions showing high rates of growth are inland towns. It looks like the pandemic is changing some long-established movement paths, which is a good sign for more balanced population growth across Australia in the future.”
