Benjamin Millar
A city exodus has helped Moorabool record regional Victoria’s biggest spike in population growth over the past 12 months, according to newly released data.
A report from Commonwealth Bank and the Regional Australia Institute (RAI) has revealed a continued surge in the number of Australians moving from metropolitan to regional areas, with areas located within a three-hour drive of capital cities proving most popular.
According to the June quarter Regional Movers Index, there was an 11 per cent rise in the number of people moving from capital cities to regional areas compared with the June 2020 quarter.
Moorabool recorded the state’s largest jump with a remarkable 68 per cent increase, followed by Mansfield with a 62 per cent rise and Corangamite with a 52 per cent jump.
Commonwealth Bank executive general manager and Regional Australia Institute council member Grant Cairns said the nation’s COVID-19 related lockdowns were a factor in the sudden surge in demand.
“With house prices rising across the capital cities and flexible work options now more commonplace, the decision to make a lifestyle shift and move to a regional area has become a realistic option,” he said.
“The experience of lockdowns is front of mind for Victorians, so the desire to seek a tree change is rapidly growing.”
Mr Cairns said the increased demand has accelerated the need for additional infrastructure in the area.
First National Rayner agent Lachlan Taffe said there has been a significant increase in the number of buyers snapping up property around Bacchus Marsh and across Moorabool, with properties spending fewer days on the market than ever before.
Mr Taffe said people were attracted to Bacchus Marsh due to its close proximity to the city, yet the regional status meaning Moorabool wasn’t subject to metropolitan lockdown restrictions.
RAI chief economist Kim Houghton said the Regional Movers Index identifies regional areas which are emerging as desirable destinations for capital city residents, enabling local leaders and business owners to prepare for a burst of population growth.
“We can also see that the number of regional residents choosing to stay put has increased, which is likely to be contributing to the housing squeeze in some areas,” Dr Houghton said.
The report found close to half of the exodus out of Melbourne was to regional Victoria, with just over half moving interstate, particularly to Queensland.
