Sydney’s growth has been second to none in Australia, topping 5 million people in recent years. Recent reports from the Australian Bureau of Statistics (ABS) confirm this; but they also tell another story. People are moving away from Sydney faster than ever before.
The ABS’ annual migration report was released last May, and shows an estimated net loss of over 23,000 people from the Greater Sydney Region. Most of these numbers were lost to Melbourne and surrounding regional NSW, including the Illawarra. It has been the biggest internal migration loss of any Australian region, and each year regional NSW is gaining more and more population from Sydney.
Sydney’s loss comes as no surprise, with buyers struggling to afford even the cheapest housing in the Greater Region. The average price for an entry level unit in Greater Sydney is approaching $650,000. Detached houses, even on the lower end of the budget, are easily $900,000 or more. This is particularly expensive when considering that many areas in Greater Sydney are not only crowded, but also a good hour-long commute from the city centre.
If the trends indicated by the ABS’s recent reports continue, migration away from Sydney will create growth in regional locations. Regional growth could create opportunity in the Illawarra region, for both seasoned investors and first-time buyers. Many of the properties listed in the Illawarra region are not only affordable, but also a reasonable commuting distance from Sydney’s city centre. Home ownership in the picturesque Illawarra will only become more attractive as home-buyers and renters look for more affordable housing.
When considering your next move in the property market, it’s critical to get the right advice. MMJ’s team are dedicated to specific areas of real estate; including sales, management, leasing, town planning, valuation, marketing, project marketing and consultancy.
Our agents focus on building long-term relationships that provide outstanding results. When a shift in the market like this one occurs, you’ll be in good hands. Use the handy search tool to find the right advice from a professional in the field, or call your local office.