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Population growth slowing but still strong

The latest demographic statistics released recently by the ABS revealed that Australia’s population growth rate fell slightly, driven by declining growth in the two mining states of Western Australia and Queensland.

According to the ABS, Australia’s population grew by 1.73% in the year to December 2013. This is the fourth consecutive quarterly decline in growth, but it’s still way above the 30-year average of 1.4%.

Australia’s population reached 23.32 million by the end of 2013, having added around 396,000 people in the year.

The natural increase in population (births minus deaths) added 160,357 people in 2013. This was slightly lower than the previous year but still contributed 0.7 percentage points to the overall annual population growth.

Population growth due to net overseas migration slowed to 235,797 in 2013..

 Some interesting stats:

Western Australia recorded the strongest percentage population growth of 2.9 per cent in 2013. This was down from the high of 3.7 per cent a year earlier mirroring the trajectory of resource sector investment. 

In NSW  the population grew by 1.5 per cent during 2013. This is the highest rate of population growth the state has recorded in more than twenty years, a sign of it’s strong economy. Clearly this will be positive for the Sydney property market.

In the other states and territories, the population grew by 1.9 per cent in Victoria, 1.7 per cent in Queensland, 0.9 per cent in South Australia, 0.3 per cent in Tasmania, 1.7 per cent in the Northern Territory, and 1.6 per cent in the ACT.

Population growth



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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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