{"id":44087,"date":"2023-08-06T10:40:06","date_gmt":"2023-08-05T22:40:06","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=44087"},"modified":"2023-08-06T10:40:06","modified_gmt":"2023-08-05T22:40:06","slug":"top-australian-postcodes-attracting-millennials-with-affordable-housing-options","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/top-australian-postcodes-attracting-millennials-with-affordable-housing-options\/","title":{"rendered":"Top Australian Postcodes Attracting Millennials with Affordable Housing Options"},"content":{"rendered":"<p><strong>PHOTO: Millennials are fleeing suburbs where house price are rising fastest and moving to parts of Australia where real estate is cheaper. FILE<\/strong><\/p>\n<h1>Millennials Flock to Cheaper Housing Areas as House Prices Surge<\/h1>\n<h2>Sydney&#8217;s Eastern Suburbs and Parramatta Witness Millennial Exodus<\/h2>\n<p>The e61 Institute, an economic research group, has identified a trend where Millennials are leaving suburbs with rapidly rising house prices in favor of more affordable real estate in various parts of Australia. <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Sydney&amp;submit=Search\">Sydney<\/a>, in particular, has seen an exodus of young people, especially from the eastern suburbs and Parramatta, due to housing affordability issues.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"16b6gYya1e\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/luxe-listings-sydney-star-says-the-real-estate-industry-in-for-major-shake-up\/\">Luxe Listings Sydney star says the real estate industry in for major shake-up<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cLuxe Listings Sydney star says the real estate industry in for major shake-up\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/luxe-listings-sydney-star-says-the-real-estate-industry-in-for-major-shake-up\/embed\/#?secret=eLD8NVKZIR#?secret=16b6gYya1e\" data-secret=\"16b6gYya1e\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<h2>Age and Family Planning Play a Role in Migration<\/h2>\n<p>Millennials, born between 1981 and 1996, are more likely to relocate during the years when they start families and require larger housing options. According to the report, people in their thirties are leaving at the fastest rate, indicating that unaffordable housing is driving significant labor relocation across the country.<\/p>\n<h2>Housing Prices Soar Beyond Reach<\/h2>\n<p>Sydney&#8217;s median house price stands at $1.334 million, making it challenging for an average full-time worker on a $94,000 yearly income to secure a $1 million loan. Areas like Bondi and Vaucluse in the eastern suburbs have prices ranging from $4 million to $8 million, putting homeownership out of reach for many, including dual-income households earning over $200,000 annually.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"T8LpDuWENW\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/australian-travellers-discover-a-secret-swimming-hole-watch\/\">Australian travellers discover a secret swimming hole | WATCH<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cAustralian travellers discover a secret swimming hole | WATCH\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/australian-travellers-discover-a-secret-swimming-hole-watch\/embed\/#?secret=nDS7PCnRCO#?secret=T8LpDuWENW\" data-secret=\"T8LpDuWENW\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<h2>Popular Destinations for Relocation<\/h2>\n<p>People leaving Sydney are opting for less-expensive coastal regions like Wollongong and Newcastle or heading to south-east Queensland, Canberra, and other parts of regional New South Wales. The report highlights that Canberra is particularly popular among those seeking to relocate.<\/p>\n<h2>The Impact of Housing Price Growth<\/h2>\n<p>The e61 Institute&#8217;s calculations show that for every one percentage point increase in housing prices over a five-year period up to 2016, an additional 0.2 percent of the population moved away in the following five years. The soaring house prices in Sydney have driven many to seek more affordable alternatives elsewhere.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"ByHjPfylwY\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/sydney-real-estate-agents-spiral\/\">Sydney real estate agent\u2019s spiral<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cSydney real estate agent\u2019s spiral\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/sydney-real-estate-agents-spiral\/embed\/#?secret=92DQzcDGFz#?secret=ByHjPfylwY\" data-secret=\"ByHjPfylwY\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<h2>Outlook for Sydney&#8217;s Population<\/h2>\n<p>Despite receiving a significant share of overseas immigration, Sydney has seen an annual net population loss of 0.5 percent over the past two decades as more residents leave for other parts of Australia. This trend is likely to continue, with the report indicating that inward foreign migration is the only factor offsetting the city&#8217;s population decline.<\/p>\n<h2>House Prices Remain Resilient Amid Rate Increases<\/h2>\n<p>Despite the Reserve Bank&#8217;s 12 rate hikes since May 2022, Sydney&#8217;s median house price has risen by 1 percent in the last month, reaching $1,333,985. The real estate market&#8217;s resilience remains noteworthy even with rising interest rates.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"ghWkYYbelT\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/why-more-chinese-buyers-are-snapping-up-sydney-property\/\">Why more Chinese buyers are snapping up Sydney property<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cWhy more Chinese buyers are snapping up Sydney property\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/why-more-chinese-buyers-are-snapping-up-sydney-property\/embed\/#?secret=GaNWkrzRaX#?secret=ghWkYYbelT\" data-secret=\"ghWkYYbelT\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<h3>Median House Prices in Major Australian Cities &#8211; July 2023<\/h3>\n<ul>\n<li><strong>SYDNEY:<\/strong> Up 1% to $1,333,985<\/li>\n<li><strong>MELBOURNE:<\/strong> Up 0.3% to $923,881<\/li>\n<li><strong>BRISBANE:<\/strong> Up 1.4% to $819,832<\/li>\n<li><strong>ADELAIDE:<\/strong> Up 1.4% to $722,793<\/li>\n<li><strong>PERTH:<\/strong> Up 1% to $625,969<\/li>\n<li><strong>HOBART:<\/strong> Down 0.1% to $696,570<\/li>\n<li><strong>DARWIN:<\/strong> Up 0.5% to $583,913<\/li>\n<li><strong>CANBERRA:<\/strong> Down 0.3% to $958,950<\/li>\n<\/ul>\n<p>Source: CoreLogic data on median house prices for July 2023<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Millennials are fleeing suburbs where house price are rising<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/top-australian-postcodes-attracting-millennials-with-affordable-housing-options\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":40674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478126408,478100510,478098742,478098540,478126412,478100297,478099199,478126409,478126410,478098954,478100410,478098522,478126411,478098830,478099205,478126414,478102098,478100111,478099917,478126413,478112357,478098536,478126407,478098794,478106965],"class_list":["entry","author-data123nz","post-44087","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-affordable-real-estate","tag-australian-cities","tag-bondi","tag-canberra","tag-coastal-areas","tag-corelogic-data","tag-eastern-suburbs","tag-exodus","tag-family-planning","tag-housing-affordability","tag-housing-prices","tag-interest-rates","tag-labor-relocation","tag-median-house-prices","tag-millennials","tag-net-migration","tag-newcastle","tag-parramatta","tag-population-growth","tag-regional-new-south-wales","tag-south-east-queensland","tag-sydney","tag-top-australian-postcodes","tag-vaucluse","tag-wollongong"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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