Interest rate pauses prompt move back to Australian cities, according to moving data

Aussies are moving back to two major Australian cities following the past three interest rate pauses and the controversial decision to drop the Commonwealth Games in Melbourne.

Sydney and Brisbane are "the winners" of the rate pauses with a spike in moving inquiries, while Melbourne appears to be getting bypassed, according to August data from Australian online removalist booking platform Muval.

"There have been some noteworthy shifts in moving inquiries since the Reserve Bank began pausing rates in July," Muval chief commercial officer Adam Coward said.

"According to Muval's latest moving data, Sydney and Brisbane are the winners of the rate pauses, while Melbourne and Perth are trending down since the July pause."

Brisbane is now on par with Melbourne in terms of inbound metro moving inquiries, both on 24 per cent in August, with Melbourne dropping from 27 per cent in July.

This is the first time in over a year that Melbourne hasn't been the stand alone number one metro moving destination in Australia.

Sydney took up 19 per cent of metro inbound moving inquiries across Australia in August, the highest it has been since the start of 2020 while net migration is also on the climb again.

Source: realestate.com.au 

 

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Written by Chloe Boswell
8 September, 2023
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