The state that’s still the pick of the bunch for local migration
ABS data reveals where everyone is moving to — and the states losing out
2 min
Queensland is attracting more interstate migration than any other state, as residents flee NSW, data released by the ABS has shown.
The COVID-induced domestic exodus to the Sunshine State has continued with statistics showing a net migration north of 31,070. By contrast, NSW has experienced a net loss of -30,213 residents, the largest population decline of any state in Australia.
The ABS noted that the 12-month review to March 2023 reflected the residual effects of COVID, which saw tens of thousands of Australians moving north permanently when state border restrictions lifted in early 2022.
This growth in population was followed by Western Australia, which also recorded a net migration of 11,121. South Australia recorded a much more modest net increase of 157 new residents. All the other states recorded net drops in population.
Head of research at Hello Haus property advisory, Sam Powell, said the data presented investors with an opportunity to capitalise on possible yields in growth suburbs in both WA and Queensland.
“The big shift both north and west is unsurprising,” he said. “Queensland and WA have relatively affordable real estate, and both offer exceptional lifestyle appeal, plus comprehensive facilities and infrastructure.
“Their prospects look great economically as well. The 2032 Olympics will put Queensland on the world stage, and a resurgence in commodity prices as global economies recover bodes well for WA in the long term too.”
Mr Powell identified three suburbs of Brisbane — Oxley, Boondall and Fitzgibbon — as areas with strong potential for growth. The Greater Perth suburbs of Gosnells and Girrawheen and the Perth locales of Mirrabooka, Caversham and Ballajura, were also likely to be strong performers, he said, based on relatively low median house prices and strong yields.
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Excluding the Covid-19 pandemic period, annual growth was the lowest since 1992
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Australia’s commodity-rich economy recorded its weakest growth momentum since the early 1990s in the second quarter, as consumers and businesses continued to feel the impact of high interest rates, with little expectation of a reprieve from the Reserve Bank of Australia in the near term.
The economy grew 0.2% in the second quarter from the first, with annual growth running at 1.0%, the Australian Bureau of Statistics said Wednesday. The results were in line with market expectations.
It was the 11th consecutive quarter of growth, although the economy slowed sharply over the year to June 30, the ABS said.
Excluding the Covid-19 pandemic period, annual growth was the lowest since 1992, the year that included a gradual recovery from a recession in 1991.
The economy remained in a deep per capita recession, with gross domestic product per capita falling 0.4% from the previous quarter, a sixth consecutive quarterly fall, the ABS said.
A big area of weakness in the economy was household spending, which fell 0.2% from the first quarter, detracting 0.1 percentage point from GDP growth.
On a yearly basis, consumption growth came in at just 0.5% in the second quarter, well below the 1.1% figure the RBA had expected, and was broad-based.
The soft growth report comes as the RBA continues to warn that inflation remains stubbornly high, ruling out near-term interest-rate cuts.
RBA Gov. Michele Bullock said last month that near-term rate cuts aren’t being considered.
Money markets have priced in a cut at the end of this year, while most economists expect that the RBA will stand pat until early 2025.
Treasurer Jim Chalmers has warned this week that high interest rates are “smashing the economy.”
Still, with income tax cuts delivered at the start of July, there are some expectations that consumers will be in a better position to spend in the third quarter, reviving the economy to some degree.
“Output has now grown at 0.2% for three consecutive quarters now. That leaves little doubt that the economy is growing well below potential,” said Abhijit Surya, economist at Capital Economics.
“But if activity does continue to disappoint, the RBA could well cut interest rates sooner,” Surya added.
Government spending rose 1.4% over the quarter, due in part to strength in social-benefits programs for health services, the ABS said.
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