If this chart from Macquarie Bank is anything to go by, those living outside of New South Wales should expect an influx of Sydneysiders to be heading their way shortly.
It shows Sydney house prices in comparison to the average price of all other Australian capital cities, overlaid against changes in net interstate migration from New South Wales.
When Sydney house prices become expensive to those in other capitals, the exodus of people from New South Wales always tends to increase.
This likely reflects housing affordability constraints in Australia’s most expensive market, along with existing Sydney homeowners cashing in to find better relative value elsewhere.
Based on historic trends, it looks like the Sydneysiders will be soon be arriving in greater numbers.