Interest rate pauses prompt move back to Australian cities, according to moving data

Aussie are moving back to two major Australian cities following the past three interest rate pauses and the controversial decision to ditch the Commonwealth Games in Melbourne.

Two Australian cities have emerged “winners” of the past three rate pauses in terms of moving data.

Aussie are moving back to two major Australian cities following the past three interest rate pauses and the controversial decision to drop the Commonwealth Games in Melbourne.

Sydney and Brisbane are “the winners” of the rate pauses with a spike in moving inquiries, while Melbourne appears to be getting bypassed, according to August data from Australian online removalist booking platform Muval.

“There have been some noteworthy shifts in moving inquiries since the Reserve Bank began

pausing rates in July,” Muval chief commercial officer Adam Coward said.

“According to Muval’s latest moving data, Sydney and Brisbane are the winners of the rate pauses, while Melbourne and Perth are trending down since the July pause.”

Brisbane has emerged as the new metro hotspot. Picture: Dan Peled

Muval chief commercial officer Adam Coward.

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Brisbane is now on par with Melbourne in terms of inbound metro moving inquiries, both on 24 per cent in August, with Melbourne dropping from 27 per cent in July.

This is the first time in over a year that Melbourne hasn’t been the stand alone number one metro moving destination in Australia.

The city’s golden run might be coming to an end with net migration slipping as well as inquiries to move out increasing in August.

Sydney took up 19 per cent of metro inbound moving inquiries across Australia in August, the highest it has been since the start of 2020 while net migration is also on the climb again.

Sydney moving inquiries are up to 19 per cent across Australia. Picture: Damian Shaw

Moving inquiries have dropped for Melbourne. Picture: Sarah Matray

“After two months of rate pauses, Sydney is experiencing its first positive steps post

pandemic,” Mr Coward said.

“From what we can see in our moving stats, the Sydney uptick is being driven by Melbourne so this could be a combination of Sydney’s buoyant jobs market and increased confidence in interest rates after three consecutive months of pauses.

Online moving booking platform Muval's data to August 2023 on major metro moving inquiries

“Moving season in Australia traditionally runs from October through to March and with rates seemingly on hold for the moment, more people can feel confident planning a move to the big smoke expecting that there will be stability coming into Christmas and the new year when we traditionally see the majority of moves.

Mr Coward said the cancellation of the Commonwealth Games could also be playing a part in movement from Melbourne as opportunities dry up.

“In contrast, the Olympic Games in Brisbane is shoring up opportunities, making people feel confident about areas where there will be new infrastructure and growth,” he said.

Victorian Premier Daniel Andrews announced in July that the 2026 Commonwealth Games would not be held in Melbourne. Picture: Luis Enrique Ascui

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“Brisbane appears to be on its way to reclaiming its crown as Australia’s metropolitan hot spot.

“Muval’s moving data shows that Brisbane’s recent boost has been driven evenly out of Sydney and Melbourne and some other small cities across Australia and within Queensland.

“With a high constant churn and years of negative migration in Sydney, there will be ongoing opportunities for migration to rebalance in Sydney as market conditions stabilise to a degree.”

Perth’s net migration remains the highest across Australia, back to pre-pandemic levels. Inbound moving inquiries also show slowing interest in relocating to Perth.

Meanwhile Adelaide is in its 13th straight month of negative net migration based on moving inquiries, however Mr Coward said Muval recorded “a bounce back” over the past month.

Adelaide had 9 per cent of major metro inquiries around moving into the city in August.

Originally published as Interest rate pauses prompt move back to Australian cities, according to moving data