The trend of city residents relocating to regional areas has reached a 12-month high.

According to the latest Regional Movers Index (RMI), covering the March 2024 quarter, reveals that metro-to-regional relocations have surged, now sitting at 20 per cent above the pre-COVID average.

The RMI, a collaboration between the Commonwealth Bank of Australia (CBA) and the Regional Australia Institute (RAI), analyses quarterly and annual trends in internal migration within Australia. 

The data from the March 2024 quarter shows that internal migration has soared in the first three months of the year. 

This period marks the fifth largest influx of city dwellers to regional areas in the past six years.

Ritchie noted that 24 per cent more people moved from cities to regional areas compared to the reverse.

Paul Fowler, Executive General Manager of CBA Regional and Agribusiness, highlighted that millennials are leading this migration trend. 

The report shows significant migration from all seven capital cities, with the Gold Coast emerging as a top destination for these movers. 

The Sunshine Coast maintained its position as the most popular destination for internal migrants, capturing 16% of net internal migration flows over the past year. 

Sydney continues to experience the highest outflows, contributing 67% of net capital city outflows to regional areas for the year ending March 2024.

People have been relocating from metropolitan commuter belts to major regional centres such as the Gold Coast, Sunshine Coast, Wollongong, Newcastle, Geelong, Busselton, the Alexandrina region, and Launceston. High house prices and cost-of-living pressures are significant factors driving this shift.

Western Australia has also become an attractive destination, with areas like Capel, Greater Geraldton, Northam, and Albany featuring prominently on various hotspot lists this quarter. 

Capel, in particular, saw a near five-fold increase in net internal migration inflows, driven by its appeal to regional movers.

The Inter-Regional Migration Index, which tracks movements between regional areas, also rose, reaching its third highest level in six years during the March 2024 quarter.

More details are accessible here.