Melbourne has become Australia’s fastest growing city and Victoria has overtaken Western Australia as Australia’s fastest-growing state.
And Australian Bureau of Statistics projections suggest it set to overtake Sydney as the country’s biggest city in 2056.
At the current rate of growth its population will increase by 10% over the next 5 years.
Of course this is one of the reasons it’s property markets are performing so well.
What the figures show
New figures from the ABS show Victoria gained an extra 101,500 residents in the year to December, and Melbourne an extra 95,600.
At 1.8 per cent, Victoria’s growth rate surpassed Western Australia’s 1.6 per cent and the 1.4 per cent recorded in NSW and Queensland, which was the Australian average.
South Australia grew 0.9 per cent, Tasmania 0.3 per cent, the Northern Territory 0.4 per cent and the Australian Capital Territory 1.1 per cent.
In December greater Melbourne housed 4.4 million residents and the bureau says this population will almost double to 8.2 million by 2056.
Victoria is pulling in far more migrants from the rest of Australia than any other state.
Source: Sydney Morning Herald
In the year to December Victoria gained a net 9340 new arrivals from interstate.
Queensland gained a net 5600 and every other state lost population to interstate migration.
NSW suffered net emigration of 5570.
A net 2100 South Australians moved to Victoria, in the year to December, and 2750 came from NSW.
A net 1400 came from Western Australia.
And they’re not coming for the weather
Job vacancy figures released at the same time paint Victoria’s jobs market as one of the best in the nation, with 4.8 unemployed people searching for each vacant job, a result only bettered by NSW which has 4.4 unemployed per vacancy.
The odds of finding a job are far worse in Western Australia (5.2 unemployed per vacancy), Queensland (5.6), South Australia (7.5), and Tasmania (8.5).
Nationally job vacancies are growing in real estate (up 28 per cent in the past year), finance (up 11 per cent) and retail trade (up 6 per cent).
Vacancies are falling in mining (down 29 per cent), manufacturing (down 8 per cent) and construction (down 5 per cent).
A few more stats:
- The national population growth rate of 1.4 per cent is the slowest since 2011.
- Australia had fewer births than at any time since 2006.
- Around 289,000 Australians left Australia to live overseas in 2014, the biggest number on record.