New data shows Sydneysiders are leaving in record numbers, with housing affordability driving the exodus. Between 2021–2024, Sydney lost over 129,000 people to internal migration — more than any other capital. Last financial year alone, 41,000 residents left, outpacing the city’s natural population increase.

While Melbourne and Darwin also saw population declines, Brisbane, Perth, and regional Queensland led net domestic migration gains. Brisbane attracted 56,100 newcomers, followed closely by regional Queensland (54,900) and Perth (27,500).

According to the e61 Institute, housing costs are a key factor, especially for those in their 30s. As Sydney’s median house prices remain out of reach for many, younger Australians are looking elsewhere for affordable homes.

However, rising prices in Brisbane and regional Queensland may soon slow this trend, as the gap between Sydney and other markets narrows.

With affordability, demographics, and lifestyle all in play, the shifting flow of Australians seeking better living conditions is set to continue.