Businesses looking for new opportunities to expand would do well to take a look at Australia’s migration figures to identify where demand for their services may be ripe for the picking. Here’s a look at where our population is currently booming.
According to Cameron Kusher, research analyst at property analytics firm CoreLogic RP Data, the sea change and tree change phenomena appear to be coming back into vogue, having dipped since the onset of the GFC in 2008 and the recent boom in capital city markets, particularly Sydney and Melbourne.
“The latest migration statistics from the ABS are now suggesting that migration to coastal and lifestyle markets is increasing and is being led by families rather that retirees,” Mr Kusher said.
Mr Kusher analysed the top 25 regions for migration within Australia, and found that 15 of them could be wholly or partially described as lifestyle destinations, and many are coastal. These are:
• Sunshine Coast (Queensland)
• Gold Coast (Queensland)
• Geelong (Victoria)
• Richmond-Tweed (NSW)
• Mornington Peninsula
• Mid North Coast (NSW)
• Central Coast (NSW)
• Hunter Valley (excluding Newcastle) (NSW)
• Southern Highlands and Shoalhaven (NSW)
• Bunbury (WA)
• Mandurah (WA)
• Outer western Sydney and Blue Mountains (NSW)
• Illawarra (NSW)
• Wide Bay (Queensland)
• Latrobe/Gippsland (Victoria)
And far from being driven by retirees, Mr Kusher said that with the shift greatest occuring among the 0-14 years and 25 to 64 years age groups, it appears the push is being driven by young families.
“Based on the latest ABS data, it is still too early to say that ‘sea change’ and ‘tree change’ has returned. However, given the ABS data is almost 12 months old, it’s likely the trend has progressed further over the current financial year as more Australians make the move to lifestyle markets,” Mr Kusher said.
“Given that is the case, you can be sure that there are plenty more people that are contemplating a similar move and may make one over the coming years.”