7000 MOVE HERE FROM MELBOURNE
Thousands leave capital for Geelong’s lifestyle
THE scale of migration of Melbourne homebuyers to Geelong has been revealed as nearly 7000 people moved to Corio Bay last financial year.
Australian Bureau of Statistics data for internal migration trends found Geelong was the third-most popular regional destination for residents escaping their nearest Australian capital city.
Only the Gold Goast and Victoria’s Latrobe-Gippsland region had a higher number of arrivals from the nearest capital city in the 2016-17 financial year.
But the Gold Coast was the favourite destination nationally, with more than 19,000 people leaving a capital city for the sunny climate of southeast Queensland.
The Australian Capital Territory was second nationally, with nearly 12,000 new residents, ahead of the Sunshine Coast, Latrobe-Gippsland and Geelong.
The top five destinations for former Melbourne residents are all within Victoria and close to the city.
Latrobe-Gippsland (7259) and Geelong (6894) have attracted the greatest number of former Melbourne residents over the past year, with the Hume Freeway corridor, Bendigo and Ballarat all more than 3000 people.
Industry pundits, including CoreLogic research analyst Cameron Kusher, are citing the growth in the number of buyers from Melbourne as a key factor in the strong growth in property prices around Corio Bay.
“A significant number of those people that moved away from a capital city over the past financial year moved to an area adjacent to a capital city,” Mr Kusher said.
“Some of these are coastal/lifestyle markets, while also being locations where housing is more affordable,” he said. “There are multiple reasons why we’re seeing more people move to new locations, however it’s generally for more affordable housing or because they’re looking for a sea change/tree change.”
The trend is revealed as a new report from CoreLogic shows Geelong house prices were experiencing a faster rate of annual growth than Melbourne in the first quarter of 2018.
CoreLogic’s Quarterly Review of the Australian Residential Property Market and Economy found that while capital city markets were experiencing weaker conditions, regional areas, particularly in lifestyle areas close to a capital city, were faring much better.
Hodges, Geelong West agent Jeff Begg was one of a number of agents to sell properties at auction to buyers from Melbourne at the weekend.
His listing at 9 Ann St attracted five bidders and sold under the hammer for $800,000, well above expectations between $650,000 and $700,000.
Mr Begg said Melbourne buyers were becoming a bigger force in the market.
“The reason it sold so strongly is the block it sits on. The house is really pleasant and comfortable, but it be could be renovated into a bigger home down the track,” he said.