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By Donie Collins, Director of DMC Property

The latest demographic update from the Australian Bureau of Statistics (ABS) reveals key points about the nation's population growth:

  • Australia's annual population growth rate of 2.5% is the highest on record since the 1950s, primarily driven by net overseas migration accounting for 83% of the growth.

  • Natural increase (births minus deaths) contributed only 17% to the population growth, showcasing a significant shift from pre-COVID times.

  • While net overseas migration remains concentrated in New South Wales and Victoria, Queensland and Western Australia have seen an increase in migration compared to the pre-COVID decade average.

  • Queensland and Western Australia are experiencing positive rates of net interstate migration, while South Australia and Victoria are moving towards a neutral or negative interstate migration rate.

The data underscores the strong housing demand in Australia, particularly in capital cities, due to population growth outpacing supply. With a large portion of overseas migrants initially renting, there's a potential for increased home purchases in the future, although this trend may be quicker than in pre-COVID times due to current tight rental markets.

The 2022-23 population update provides a comprehensive view of population changes since the 2021 Census, highlighting the return of population growth to cities after a period where regional areas experienced higher growth rates.

Population Growth Across States and Territories:

  • New South Wales: Significant growth in Greater Sydney, particularly in areas like Blacktown and the City of Sydney, which also saw large declines during the pandemic.

  • Victoria: Remarkable turnaround from population decline, with Melbourne being the fastest-growing LGA in Australia.

  • Queensland: Strong growth in Brisbane and its outskirts, as well as notable growth in regional areas.

  • South Australia: Growth primarily in Greater Adelaide, with some rural areas experiencing declines.

  • Western Australia: Leading growth state, with Perth's inner city and outer suburbs experiencing substantial increases.

  • Tasmania: Slower growth compared to the height of the pandemic, with only a few areas recording declines.

  • Northern Territory: Population growth despite strong migration out of the territory, with significant growth in the City of Palmerston.

  • Australian Capital Territory: Strong growth, particularly in new urban fringe areas like Gungahlin and Belconnen.

The ABS population figures offer valuable insights for property investment strategies, highlighting areas experiencing growth and potential investment opportunities. For personalised advice, reach out directly to Donie Collins for tailored guidance.


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