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It appears that the decision of the Reserve Bank of Australia’s to hold the cash rate at 4.10% for the past three months has affected the movement patterns of Australian home seekers.
According to Muval, Sydney and Brisbane surged ahead while Melbourne and Perth lagged following the rate pause that started in July.
Here are the changes that happened across the biggest capital cities:
Sydney
Sydney saw its initial positive progress in internal migration post-pandemic — it accounted for 19% of all metro inbound enquiries in August, the highest it has been since Muval started collecting data in 2020.
Meanwhile, outbound moving enquiries are also trending down, reaching below 30% for the first time in two and a half years.
While Sydney’s net migration is still in a negative territory, it continued to trend up, from -56% in June, -47% in July, to -42% in August.
Brisbane
Brisbane has now caught up with Melbourne in terms of the number of inbound metropolitan moving inquiries at 24%
Since the RBA started the pause in July, Brisbane’s net migration has been rising, rebounding from the negative territory in June (-3%) to +8% in July and +16% in August.
Meanwhile, outbound moving enquiries remain steady at 19%.
Perth
The Western Australian capital city still has the highest net migration in the country at 68%. However, the level is back to pre-pandemic levels.
In May, Perth’s net migration was +86%. Its recent high was during 2021, when it reached +181%.
While Perth’s outbound moving enquiries remain steady at 9%, inbound moving enquiries are shifting downwards accounting for 16% in August, down from 19% in June.
Melbourne
Melbourne has taken a downward turn in August, with all metro inbound moving enquiries at 24%, this is the first time in over a year that the city has not been the top metro moving destination in the country.
Meanwhile, its outbound enquiries are going up at 28%, just as Sydney’s began to veer down.
Overall, Melbourne’s net migration slipped further into the negative territory by the end of August to -24%.
Adelaide
Adelaide has been experiencing negative net migration based on moving enquiries for 13 consecutive months. Still, it reported a slight bounce back in August to -20% from -28% in the previous month.
Its outbound migration has risen to 10% in August, up from 9% over the previous three months, while the city received 9% of all major metro inbound moving enquiries.
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