Population boom in the suburbs of the first home buyers since the outbreak of the COVID-19 pandemic

The Ormeau-Oxenford region of Queensland on the Sunshine Coast was also among the top five areas with the highest population growth, registering 24,500 new residents.

It was a similar story in Western Australia, where the Swan region added 15,600 extra souls to the greenfield area on the outskirts of Perth.

Cheaper housing in newly developed regions sealed the deal for buyers looking to move into their own homes, Rawnsley said.

Money was less of a factor for sea-changers, who aimed to improve their lifestyle during lockdown while working from home.

Those fleeing the inner city for the coast and countryside added thousands of people to the regional areas.

In NSW, areas north of Sydney increased: Maitland up 8000, Newcastle up 5800 and Lower Hunter up 5800.

Population was booming in the ever-popular Surf Coast region near Geelong.

Population was booming in the ever-popular Surf Coast region near Geelong.Credit:Jason South

In Victoria, 13,100 were added on the popular Surf Coast and Bellarine Peninsula, while the regional cities of Ballarat (8400) and Geelong (5300) also grew.

Although not considered part of regional Victoria, the rush of people to the coastal region of the Mornington Peninsula increased its population by 3100.

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KPMG noted that Australia’s population has grown by 440,000 people since the end of 2019, and the population surpassed 26 million people for the first time late last year.

“To go from 25 million to 26 million people — it took four years to add the extra million — the million before that only took two and a half years,” Rawnsley said. “It was obviously slower, but with four quarters where there was no international migration.”

Milestones such as a population of 30 million will be reached later than initially predicted as closed borders during the pandemic kept migration at bay.

But with international migration, including international students, now returning to normal, he expects population growth to accelerate.

AMP Capital’s Chief Economist, Dr. Shane Oliver said given that lending to first-time home buyers has risen sharply during the pandemic, it’s no surprise that the greenfield population has been booming.

“That reflects the ultra-low interest rates and government support at the time,” Oliver said. “We went through a period when support measures for homebuyers went far beyond what we would normally expect.”

Government incentives helped early homebuyers enter the market and build.

Government incentives helped early homebuyers enter the market and build.Credit:Jason South

Oliver said he expected a retreat from lake and tree change areas as people realized commuting to work would be difficult if they had to return to the office.

This would result in an abundance of apartments and townhouses in inner-city suburbs in Sydney, Melbourne and Brisbane.

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“Historically, you would expect that,” Oliver said. “Development lines are opening up, homes are being demolished, and land is being consolidated to build homes.”

However, he also said that most people who moved to regional areas would likely stay there.

“The majority of those who have moved will be permanent, we will have a longer term trend towards more decentralized living and more home working as cities become busier,” he said. “The pandemic has accelerated this dramatically.”

https://www.smh.com.au/property/news/the-suburbs-where-the-pandemic-sparked-a-population-boom-20230118-p5cdgx.html?ref=rss&utm_medium=rss&utm_source=rss_property Population boom in the suburbs of the first home buyers since the outbreak of the COVID-19 pandemic

Brian Lowry

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