From Kris Sayce – Port Phillip Insider (Australia) –
Folks in mining areas are beginning to migrate to the east coast. That includes those who hail from the west, and those who went there from the east, seeking their fortune.
We can only hoped they saved a few bob, and didn’t spend it all on expensive housing.
Migration from west to east could boost the east coast. Arguably, that’s already happening. After all, the mining boom didn’t just end last week. It could explain why Sydney and Melbourne house prices have skyrocketed.
But don’t expect that to last. Australia has had a string of good luck in recent years. The strong immigration levels through to 2011 (along with a booming China) helped prevent a major house price crash when prices plummeted around the world.
And now, west to east migration is likely propping up east coast house prices again. But what happens when the migration stops, or slows to a trickle? What will save the Aussie housing market then?