Migration Trends over last few years. Plus this one including the net state migration Possible Implications: Sydney has lost considerable population to other states (mainly QLD and VIC) but it's share of new migrants has been increasing steadily hence Sydney dwelling prices will continue to perform well. Melbourne might actually do better than Sydney in next 2-3 years. Most immigrants are in the position of buying a place after 2-3 years of arrival so given that Melbourne is seeing increases in both net state and net overseas migration, I won't be surprised if Melbourne came closer to bridging the historical gap in prices. Brisbane is not doing that bad in terms of migration though overseas migration is not growing as well as Sydney and Melbourne. If economic conditions remain stable, Brisbane will continue to grow but a lot more modest growth than the top 2 capitals. Both Adelaide and Perth aren't looking good. Adelaide seemed to have increased their overseas migration intake but it seems like people aren't sticking around due to poor job prospects and hence growing net migration losses to other states. Perth is declining on both migration figures and most likely will continue to decline.