New data from the Commonwealth Bank reveals quarterly migration from capital cities to regional areas over the past two years is averaging 15 per cent higher than what is was in the two years pre-COVID 19.
A structural break in migration patterns has emerged during the two years of the pandemic. Capital city dwellers moving to the regions have generally accounted for a 6.1 per cent share, up from the 5.3 per cent share pre-pandemic. Meanwhile the share of regional people making a city move has ebbed and flowed a little more, but has hovered around a 4 per cent share during the pandemic, down from the 4.3 per cent share pre-pandemic.
National home loan affordability fell “dramatically” in 2021, with a record calendar year decline of 14.5 per cent, according to non-bank lender Bluestone.
Bluestone Home Loans has released its Home Loan Affordability Index for December quarter, revealing the index fell to 93.8 in December 2021 quarter compared to 82.9 in the December 2020 quarter.
And the HIA says affordability constraints in detached housing are expected to push some households into townhouses and apartments. A return of migration will assist in offsetting the impact of a rise in interest rates for multi-unit construction.
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