Instead, we have nondescript bay, unglamorous beaches, bad weather and a brown and lazy waterway that is more or less un-swimmable.But ask any self-respecting Melburnians, and they’ll tell you we have something much better: we are city that is kind to its citizens, with a functional public transport system, a flourishing creative class and decent coffee.
According to data released last week by property monitoring company CoreLogic, Melbourne is no longer second to Sydney as the most expensive state capital for houses or apartments. The first and most obvious explanation is interstate migration. The sunshine state in particular has been the recipient of tens of thousands of arrivals from Victoria and NSW.According to the Australian Bureau of Statistics, Queensland gained a net 170,203 people from other jurisdictions over the five years to September 2023. During the same period, Victoria lost a net 49,934 of its residents to interstate migration, while NSW lost a whopping 156,061 people.
During the 2017-18 financial year, work started on a record 75,575 dwellings in Victoria, which translates to about 11,500 for every 1 million Victorians. At the same time, NSW work started on 71,786 dwellings, equivalent to just 8969 dwellings per million people.But the impact of the apartment boom is now fading.
As a consequence, property investors appear to be migrating to other jurisdictions. In April, just 30.6 per cent of new loans written in Victoria were used to purchase investment properties, down from a peak of 34.3 per cent last year. In contrast, in April 40.5 per cent all property loans went to investors in NSW, 37.6 per cent in Queensland and 37 per cent in Western Australia.
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Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »