Victoria is the place to be for Aussie movers
Victoria is Australia’s fastest growing state at 1.7%, as well as being the most popular place to be for Aussies undergoing an interstate move, according to recent statistics released by the ABS.
ABS Director of Demography, Beidar Cho said that Victoria gained 11,200 people through interstate migration, which was up from 8,500 people last year. The only other state to experience growth from interstate migration was Queensland, which gained 6,900 people - 1,000 more than it gained last year.
Victoria’s popularity with interstate movers, despite Melbourne being number 6 on Mozo’s list of ‘saveable’ cities, may have something to do with the high level of non-residential construction activity the state has been enjoying.
Australian Construction Insights (ACI) recently released a comprehensive analysis of non-residential construction in Australia. HIA Economist, Geordan Murray, said “...the report highlights Victoria as currently being the number one state for non-residential construction activity.”
This includes growth in areas like “factories, agricultural and aquacultural buildings, entertainment and recreation buildings, short term accommodation buildings, and roads, highways and subdivisions,” all of which can contribute to increased employment or quality of life for the state’s residents.
With the increase in popularity, it’s more important than ever for people heading to Victoria to find a competitive home loan. Mozo’s database shows that the average variable rate for a home loan in Victoria is 4.71%, which, on a $600,000 property, would mean home buyers were paying $422,074 in interest. But, by shopping around and comparing home loans, buyers stand to save around $77,921, by snapping up the lowest rate available, at just 3.94%*.
Thinking of making an interstate move? Set yourself up in your new location with a competitive home loan and check out our first home buyers hub for more tips on how to save on your move.
*Based on a principal and interest loan over a 25 year term