Australia’s Population Just Grew by 445,000 – Here’s What That Means for Property Investors

Key takeaways

Australia’s population grew by 445,800 people in 2024, bringing the total to 27.4 million.

Net overseas migration made up 76% of the growth (340,800 people), while natural increase (births minus deaths) contributed 105,200.

Western Australia had the fastest growth rate at 2.8%, followed by Victoria at 2.4%, both driven heavily by migration.

Tasmania recorded the slowest growth, at just 0.3%.

Population growth remains a key driver of housing demand, especially in VIC, WA, and QLD.

Slower overall growth could ease pressure on oversupplied markets—but investor-grade rental demand remains strong in most capitals.

Investors should follow the people, infrastructure, and government spending—that’s where the next property opportunities will emerge.

With high migration and tight rental markets, expect continued upward pressure on rents and long-term capital growth in the right locations.

Another quarter, another ABS population update. But this isn’t just a bunch of numbers.

It’s the story of where our nation is heading—and how smart investors can use this knowledge to get ahead.

ABS reported:

• Australia’s population was 27,400,013 people at 31 December 2024.
• The quarterly growth was 91,133 people (0.3%).
• The annual growth was 445,900 people (1.7%).
• Annual natural increase was 105,200 and net overseas migration was 340,800.
• Now, while that’s a little slower than the 2.5% growth we saw during the 2022–2023 population boom, it’s still a very strong number by historical standards.

Where Are All These People Going?

Population growth is not evenly spread across the country.

Some states are booming, while others are almost standing still.

• All states and territories experienced positive population growth over the year ending December 31, 2024.
• Western Australia had the fastest growth rate (2.4%).
• Tasmania had the slowest rate (0.3%).

The fast movers:

• Western Australia : Fastest growth of all the states at 2.8%. Migration (both overseas and interstate) is powering this surge.
• Victoria: Close behind at 2.4% growth, with over 133,000 net migrants and 32,000 added through natural increase.
• Queensland; Still attracting plenty of sea-changers and interstate migrants, although exact numbers were a bit vague in this ABS release.

The Slow Movers:

• Tasmania (TAS): Just 0.3% growth. That’s not enough driving housing demand.
• Northern Territory (NT): Also pretty flat in terms of growth.

What Does This Mean for You as a Property Investor?

Here’s the thing: population growth = housing demand. It’s one of the most reliable drivers we have.

And when it’s coupled with limited new housing supply, as is the case right now, you get price pressure. Rents go up. Vacancy rates go down. And property values tend to follow.

Note: At Metropole, we always say: demographics drive markets.

And right now, the data is clear—the smart money is on the cities and regions attracting people in big numbers.

It’s not about chasing the latest “hotspot.” It’s about aligning your property strategy with long-term, sustainable trends.

That means:

• Buying in locations where demand will keep outstripping supply.
• Targeting areas with job growth, infrastructure and amenities.
• Investing in properties that will outperform in value and rental return over the long term.

Because remember: property is a long game. And if you understand the big picture, you can position yourself to win - regardless of short-term noise.

About Michael Yardney Michael is the founder of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and one of Australia's 50 most influential Thought Leaders. His opinions are regularly featured in the media.