Queensland and Western Australia rose as the two most popular states for Aussie movers, with their net interstate migration rising the highest among all states over the year to March 2023.
According to the latest figures from the Australian Bureau of Statistics on net interstate migration, in the 12 months leading up to March 2023, 35,857 individuals departed from New South Wales and Victoria.
In contrast, Queensland and Western Australia experienced a combined population growth of 42,191 as a result of people moving between states.
Hello Haus head of research Sam Powell the net interstate migration gains materialised in the latest growth in home prices in both states’ capital cities.
“The big shift both north and west is unsurprising — Queensland and Western Australia have relatively affordably real estate, and both offer exceptional lifestyle appeal, plus comprehensive facilities and infrastructure,” he said.
Over the past three months, Brisbane witnessed a 4% gain in house prices while Perth recorded around 3% increase.
Mr. Powell emphasized that while most property owners in these two regions are likely to benefit from the booming population, it is crucial to be discerning when choosing the investment location to maximise potential returns.
“It’s not just population growth that signposts great potential for capital gains,” he said.
“We have looked across a range of metrics to pinpoint suburbs that should stand out in the coming years given that the extreme exodus to Queensland and Western Australia shows little signs of stopping.”
Hello Haus identified five suburbs in each state where buyers and investors are likely to benefit from Queensland and Western Australia’s booming population. The table below shows the median price and the days-on-market in each suburb:
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.29% p.a. | 5.33% p.a. | $2,773 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.19% p.a. | 5.10% p.a. | $2,742 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
5.39% p.a. | 5.43% p.a. | $2,805 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
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