High demand for housing and rising property prices are tipped to continue as Australia’s population growth hits a record high. Australian Bureau of Statistics figures for the first quarter of 2023, show the population is growing at a rapid pace, with an additional 563,205 people in the past year – or 2.17% growth.
Overseas migration remains the largest driver of Australia’s population growth with net overseas migration for the 12 months to March 2023, 454,361 people. To put that figure into context, since 2006 it has been averaging between 200,000 and 250,000 people a year. In addition to the large intake of migrants the figures show fewer people are leaving Australia, with 226,000 leaving in the year to the end of March 2023, while typically it would be between 250,000 to 300,000 people. Western Australia has the highest growth rate of 2.8% for the year ended March 2023, followed by Victoria which is up 2.4%.
Queensland’s population grew by 2.3%, ACT, 2%, New South Wales, 1.9%, South Australia, 1.6%, Northern Territory, 0.9% and Tasmania, 0.4%. The figures show New South Wales continues to lose the most residents to other states, with more than 30,000 a year moving elsewhere in Australia.