There has been a significant increase in the number of Australians relocating to regional areas. The report is based on the findings of the Regional Movers Index's March 2023 Quarter Report, which is a joint initiative between the Commonwealth Bank of Australia (CBA) and the Regional Australia Institute (RAI). The Regional Movers Index's latest report reveals a substantial migration trend from major cities to regional areas in Australia. This movement is driven by several factors, including job opportunities, affordable housing, and a lower cost of living. The data indicates a high level of movement between major cities and regional destinations, with regional Victoria and Queensland being the most popular choices.
The report highlights a significant increase in the number of Australians leaving major cities like Sydney and Melbourne in favor of regional areas. Conversely, there is also movement from regional areas to cities, which has reached its highest point in five years. Capital-to-regional migration has seen a 7.9% increase, with Sydney accounting for the majority of net capital outflows. Melbourne has also experienced a rise in net outflows, while cities like Perth and Brisbane have seen net inflows of 26% and 24%, respectively. Regional Victoria and Queensland have emerged as the top destinations for people leaving capital cities, responsible for 43% and 29% of net outflows, respectively. On the other hand, regional New South Wales has experienced a decrease in popularity, with its net capital city outflows dropping from 41% to 23%.
Paul Fowler, the Commonwealth Bank's Executive General Manager for Regional and Agribusiness Banking, attributes the nationwide rise in movement to the high demand for labor in regional areas. Regions such as Greater Geelong in Victoria and Townsville in Queensland are experiencing significant growth and offer abundant business and job opportunities. Fowler emphasizes that regional centers are thriving with business activity and investment, providing attractive prospects for individuals seeking to escape the pressures of city life and embrace the benefits of regional living.
Liz Ritchie, CEO of the Regional Australia Institute (RAI), suggests that Australians are moving due to the increasing flexibility of jobs and the high cost of living in capital cities. With more flexible work arrangements, people are finding it easier to relocate to regional areas in search of a better quality of life.
In summary, the Regional Movers Index's report indicates a notable surge in Australians moving from major cities to regional areas, driven by factors such as job opportunities, affordable housing, and a lower cost of living. Regional Victoria and Queensland are the preferred destinations for those leaving capital cities, while regional New South Wales has seen a decrease in popularity. The rise in movement reflects the demand for labor in regional areas and the growing appeal of regional living due to more flexible work arrangements and the high cost of living in cities.