Despite Sydney being one of the best cities in the world to live, there is population exodus with Sydneysiders moving interstate.
Typically, Sydney gains population from overseas and loses population to other parts of Australia – that’s nothing new.
But the 2015/16 ABS figures show a net loss is accelerating with a net loss of 23,176 people from Greater Sydney to other parts of Australia.
The average over the past 10 years has been a loss of 19,000 from Greater Sydney
It is by far the biggest internal migration loss of any Australian region according to demographers id.com.au who believe that housing affordability may be having an impact on the population.
Source: ABS.Stat – Regional Internal Migration Estimates and id.com.au
So who’s gainings from Sydney’s loss?
The internal migration chart shows that it’s partly Melbourne (gained about 2,400 people from Greater Sydney in net terms) but mostly regional NSW.
The following chart shows that the strongest migration from Sydney (some of which will be retirement related) is to nearby coastal areas, with the largest migration being into the Hunter Valley, Newcastle, Illawarra and Mid-North Coast.
This chart shows the movement from Sydney to the regions in net terms in 2015/16.
Don’t get me wrong….
Sydney is still the place to be ….
Sydney’s population has topped the 5 million mark after adding a million people in just 16 years.
Sydney absorbed 78 per cent of NSW’s total population increase in 2015-16 and the metropolitan was host to the 10 districts with the state’s largest population increases.
It took the city almost 30 years, from 1971 to 2000, to grow from 3 million to 4 million people but only half that time to pile on its next million.
Official Australian Bureau of Statistics population figures released on Thursday said the population of Greater Sydney, which includes the Blue Mountains and Central Coast, reached 5,005,400 at the end June 2016.
That was an increase of almost 83,000 on the previous year, and the city’s fifth largest annual population increase in absolute terms since 1901.
HERE’S your next steps…
If you’re looking to take advantage of the spectacular growth in the Sydney property market and looking for independent advice, no one can help you quite like the independent property investment strategists at Metropole.
Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.
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