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{{propApi.successMessage}} {{region}} Change locationRegions benefit from exodus from Sydney and Melbourne
Regions benefit from exodus from Sydney and Melbourne
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ABS data released today includes housing finance, building approvals and interstate migration.
“The exodus of residents from Melbourne is a trend that has emerged following the COVID recession with more than 32,000 residents departing in the year to March. Sydney also lost 31,600 residents to other parts of the country over the same time however, this is consistent with the trends of the past 20 years,” added Mr Reardon.
“This shift in population is the main driver of the tight rental market that exists across the country, other than in Sydney and Melbourne.
“Regional areas have seen a greater increase in building approvals than capital cities as the population shifts toward lower density areas.
“The 220,000 building approvals in 2020/21 is the most in a financial year since 2017/18.
“Given that the population is moving interstate and building new homes it is unlikely that they intend to return to Sydney or Melbourne.
“The shift in population out of Melbourne is a new trend and one that is compounded by the loss of overseas migration that has underwritten economic growth in Victoria for the past decade.
“ABS Housing Finance data was also released today and shows that there were 94.4 per cent more loans issued for construction of a new home than in the previous financial year. This is the most loans ever issued for construction in a 12 month period.
“HomeBuilder and other grant programs have also ensured that there were more loans issued to first home buyers in 2020/21 than in any previous financial year.
“Building approvals and issuing of loans for construction did fall in the month of June 2021, confirming that the bulk of new projects initiated under HomeBuilder have passed the last regulatory hurdles,” concluded Mr Reardon.
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Housing and Productivity Contribution Scheme Works-in-Kind Guideline
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.
Government announces broader licensing powers and HBCA review
Today the State Government announced proposed changes to the regulatory powers to investigate registered builders who may be unable to meet the financial requirements of registration. The announcement also included a long-awaited review of the Home Building Contracts Act 1991 (HBCA) and associated laws.
Interest rate cuts boost building approvals
“Two cuts to the cash rate have seen the volume of detached house building approvals rise to be 3.2 per cent higher than the same month last year,” stated HIA Senior Economist Tom Devitt.
Huge task ahead to achieve 30,000 homes by 2030
“Building approvals data released today highlights the magnitude of the task ahead if we are to achieve the Government’s target of building 30,000 homes in the ACT over the next five years,” said Geordan Murray, acting HIA Executive Director ACT and Southern NSW.