Populations have increased in several outer suburbs since December 2019, as record-low interest rates helped first home buyers.Sea and tree change regions also added thousands of new residents.Record-low interest rates led to a population boom in first home buyer strongholds, as people moved out of shared housing and into affordable neighbourhoods during the COVID-19 pandemic.
KPMG demographics expert and director of planning and infrastructure economics, Terry Rawnsley, said cuts to interest rates earlier in the pandemic opened up opportunities for first home buyers. “But there were also those living in the inner city because of the vibrancy, who moved because the vibrancy disappeared, and they no longer had the strong ties to the CBD.”Queensland’s Ormeau-Oxenford region on the Sunshine Coast was also included in the top five areas for population growth, adding 24,500 people.
Money was less of a factor for sea-changers, who aimed to improve their lifestyle during lockdowns while working from home.In NSW, areas north of Sydney increased: Maitland jumped by 8000 people, Newcastle was up 5800 and the Lower Hunter grew by 5800.In Victoria, the popular Surf Coast and Bellarine Peninsula added 13,100, while the regional cities of Ballarat and Geelong also grew.
But with international migration now returning to normal, including international students, he expected the population growth to accelerate.
Source: Loan Digest (loandigest.net)
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