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Australia’s population growth is slowing

The latest figures released by the Australian Bureau of Statistics (ABS) show the Australia’s annual population growth rate slowed to 1.7% ending June 2010. Our population reached 22,342,000, increasing by 377,100 people over the year.

While this figures is down from its peak rate of 2.2% growth in the previous year it is still substantial growth for a developed nation.

The big drop comes from a decrease in temporary residents (people who will stay here for over 12 months but are not permanent residents, for example tertiary students.

This drop will affect demand for inner city (CND) property which is currently heading for an oversupply.

The ABS figures showed that Western Australia continued to record the fastest population growth rate at 2.2 per cent, followed by Queensland (two per cent), Victoria and the Australian Capital Territory (both 1.8 per cent), New South Wales and the Northern Territory (both 1.5 per cent), South Australia (1.2 per cent) and Tasmania (0.9 per cent).

Net overseas migration accounted for 57 per cent of this growth, with the remaining 43 per cent due to natural increase, (births minus deaths).

Australia’s median age also increased by 4.8 years over the past 20 years, from 32.1 years on June 30, 1990 to 36.9 years in 2010.



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About

Michael is a director 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 his opinions are regularly featured in the media. Visit Metropole.com.au


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