Greater Geelong attracting Melbourne departees
The largest numbers of capital-city dwellers moving into regional Australia continue to head for the high population coastal centres close to capital cities.
The Gold Coast continues to be the most popular destination among people moving from their capitals to the regions. The next most popular destinations were the Sunshine Coast, Greater Geelong, Wollongong and Newcastle, the report from Commonwealth Bank and the Regional Australia Institute (RAI) noted.
Victoria’s Greater Geelong area – located one hour outside of Melbourne’s CBD – was among the standout localities that saw an influx in capital city movers, with an increase of 26 per cent during the full year to June 2021.
The LGA of Wyndham (which neighbours Geelong) was the largest source of this migration, at 18 per cent followed by other Melbourne LGAs: Brimbank, Moreland, Melbourne and Moonee Valley municipalities.
Approvals for new housing in Geelong were 48 per cent higher in 2020/21 in comparison to the previous year, the report noted.
The evolution of Geelong gained momentum with the launch of Franzé Developments’ $150 million Geelong Quarter precinct in 2018.
It was described as the most significant mixed-use project on the Bellarine Peninsula in two decades.
Designed by Architectus, Geelong Quarter will be an active hub for 1,500 residents, workers and visitors each day on its 2022 completion.
The former Trans Otway bus depot at 44 Ryrie Street will see a $200 million transformation with the project within walking distance to Geelong train station, connecting Melbourne in about an hour..
The largest tower will contain a Holiday Inn & Suites hotel and luxury owner-occupier apartments above, known as Ryrie Residences.
Marketing is currently underway on another offering, Ryrie Home, the residential apartment complex where many of the 109 one, two and three-bedroom apartments have views of Corio Bay.
Recently Stockland enhanced its residential pipeline in Victoria with the purchase of 502-580 Boundary Road, Armstrong Creek for $43 million.
It is located in the Armstrong Creek Urban Growth Area, 10 kilometres south of the Geelong CBD, Victoria’s second largest city.
The 30.6 hectare site will see Stockland build around 500 homes in a new masterplanned community.
The national CommBank report confirmed a continued surge in the number of Australians moving from capital cities to regional centres.
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.
The Victorian local government areas recording strong growth in metro-movers over the year to June included Moorabool, Mansfield and Corangamite.
Commonwealth Bank’s Executive General Manager for Regional and Agribusiness Banking, Grant Cairns noted with house prices rising 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.
“The experience of lockdowns is front of mind for Victorians, so the desire to seek a tree change is rapidly growing. It is positive to see the development of infrastructure - particularly in regional areas – is growing to meet the increased demand.”
Melbourne saw its share of net capital city outflows increase to 47 per cent, from 39 per cent a year earlier while Sydney had the highest share of net capital city outflows at 49 per cent and regional NSW picked up the largest share of net migration into regional Australia.
Perth was the only capital to see more people moving into the city than leaving.
