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Demographics Shift From Sydney To Melbourne

Posted by: Nate Berg

12 November 2007 - 1:00pm

Rising home prices and cost of living are steering more Australians away from Sydney and towards Melbourne, creating a boom in population that has put the city on track to become the country's biggest city.

"Consultancy firm KPMG has found 62,000 people moved to Melbourne last financial year, nearly twice the increase in the population of Sydney."

"'You can buy a three-bedroom brick-veneer house on the edge of Melbourne in a place like Werribee for $260,000. The equivalent product in Sydney is closer to $400,000,' said KPMG partner Bernard Salt."

"'The fact of the matter is that the hurdle rate to get into Sydney by average Australians has just been lifted so much that they're looking at other options.'"

"And he says for the first time, the number of people moving to the inner city matched those shifting to suburban growth belts."

Full Story: Melbourne 'on track to be Australia's biggest city'
Source: Australian Broadcasting Corporation, November 12, 2007
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