Population growth and demographics drive our property markets.
So where is our interstate migration heading?
In the past it used to be Queensland, but the Sunshine State appears to be losing its shine, as its population growth slowed to its lowest rate in 15 years.
The answer is…
According to the Australian Bureau of Statistics (A.B.S.), Victoria recorded the biggest influx of Aussies moving interstate.
According to ABS figures, Victoria’s net interstate migration reached 8,500 people in the year ending 30 September 2014.
This plus it’s economic strength in part explains Melbourne’s strong property market.
At the other end of the scale, New South Wales recorded the biggest net loss with 6,300 emigrants.
Despite the exodus, all states and territories increased in population over the year and Australia’s overall population grew to 23.6 million.
Of course the vast majority of this was through migration – of the extra 354,600 people, 203,900 came from overseas.
Population by states and territories (as of 30 September 2014):
- New South Wales 7,544,500
- Victoria 5,866,300
- Queensland 4,740,900
- South Australia 1,688,700
- Western Australia 2,589,100
- Tasmania 515,000
- Northern Territory 246,300
- Australian Capital Territory 387,100