We now have the greatest share of overseas born Aussies since the gold rush!
The ABS recently released its Migration data confirmed that since 2006 most of Australia’s burgeoning population growth has consistently been accounted for by net overseas migration.
The figures showed that a massive 6.6 million Australians – including a fair few Poms such as myself – were born overseas.
This takes the proportion of Australians born overseas to an amazingly high 28.8 percent.
That’s the highest proportion of overseas born Aussies we have seen in 120 years since the gold rush of the late 1800s!
Unsurprisingly the greatest number of those born overseas continue to hail from the Old Dart (the British Isles) and New Zealand, at a combined 1.8 million.
Incredibly some 10.9 percent of the entire state of Western Australia was born in the United Kingdom, while 4.8 percent of Queenslanders were some-time Kiwis having been born in “the land of the long white cloud”!
However, the proportion of the Aussie population born in those countries is now in decline, a trend reported here previously – the UK falling from 5.6 percent share to 5.2 percent, and New Zealand from
2.6 percent to 2.1 percent.
The real story here is the rise, rise and further rise of Aussies born in China (447,400) and India (397,200).
Migration driving population flows
The implication of this for property investors is that they need to understand net overseas migration and how this is going to impact property markets.
Natural population growth does what it does and will continue to do so, but the net overseas migration figure showed that in particular the state of New South Wales benefited from an enormous volume of overseas arrivals in 2013/14 at an astonishing 166,267!
Clearly a huge volume of immigrants remain attracted to the harbour city of Sydney, making balderdash of the notion that the property market may be “oversupplied” with dwellings.
However, a fair number of Aussies depart from those shores too leaving net overseas migration of an almighty 73,300 bolstering the New South Wales population, some 34.5 percent of Australia’s total for that financial year.
The other states which benefited from net overseas migration were Victoria (+59,000), Queensland (+30,270), Western Australia (+32,270) and, to a lesser extent South Australia (+11,166).
The figures for other states and territories were negligible.