Victoria Records Strongest Levels of Population Growth at 1.9%, ABS Reveals
Latest demographic data released by the Australian Bureau of Statistics (ABS) showed that over the past 12 months, the national population increased by some 1.4% or roughly 327,610 persons.
The two major components of national population growth, natural increase (births minus deaths) and net overseas migration, were recorded at 146,763 and 180,846 persons respectively.
The annual rate of natural increase fell by -4.9% to the previous year whilst net overseas migration grew by 2.0%.
Looking across the board, Victoria was the stand out performer and the only state to record an annual rate of population growth greater than the national average of 1.4%. Following behind Victoria was NSW which equalled the nations average, whilst QLD & ACT rounded out the top three having recorded an equal 1.3% each.
“The leading states are attracting population growth because they are home to the strongest economies and therefore best employment opportunities.”
These two factors are the driving forces behind strong interstate and overseas migration.
And turning our attention to the housing market, despite strong increases in Melbourne home values, our strong local economy and relatively cheaper housing (when compared to other states such as NSW) continue to attract an increasing number of Australian’s to Victoria.
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Source: therealestateconversation.com.au
