Late last week the Australian Bureau of Statistics (ABS) published demographic data for the September 2016 quarter.
The data showed that at the end of September 2016 there were an estimated 24,220,192 persons living in Australia with the figure having increased by 1.5% over the past year.
Vic was the population growth epicentre, with the population increasing by 2.1% over the year; a seven year high, with growth elsewhere recorded at: 1.4% in NSW and Qld, 0.6% in SA, 1.0% in WA, 0.5% in Tas, 0.3% in NT and 1.5% in ACT.
Annual population growth in WA was the lowest in at least thirty five years.
Over the year, the national population increased by 348,695 persons with the increases due to natural increase (births minus deaths) of 155,472 persons and net overseas migration of 193,223 persons.
Net overseas migration was strong at a national level however, when looked at across the individual states, most overseas migration is flowing to NSW and Vic.
Over the year, a record-high 75.1% of net overseas migration occurred into NSW (39.6%) and Vic (35.5%).
Net interstate migration to Vic was at an historic high of 17,185 persons over the year while the net outflow of residents to other states and territories from WA was the largest on record at -9,198 persons. Over the year to September 2016, 367,769 persons moved interstate, representing 1.5% of the national population.
Interstate movements nationally increased by 6.5% over the year.
Interstate movements data showed that Vic attracted a historic high number of arrivals over the past year from each of: NSW (29,554 persons), Qld (21,502 persons), SA (9,679 persons), WA (11,488 persons) and NT (3,090 persons).
At the same time, interstate departures from WA were at an historic high level over the year to: NSW (9,722 persons), Vic (11,488 persons) and Qld (9,677 persons).
The strong population growth in Victoria can be partly attributed to strong rate of jobs growth within the Melbourne area, as well as the relative affordability of Melbourne housing compared with Sydney.
Based on CoreLogic’s latest median price data, Melbourne house prices are 24% or $215,000 lower than Sydney’s.
CoreLogic collected results for 91.3% of the capital city auctions held over the past week.
Based on these results, the combined capital city auction clearance rate was recorded at 74.5% across 3,171 auctions last week.
Clearance rates increased on higher volumes last week with the clearance rate recorded at 74.1% the previous week from 2,916 auctions.
Auction clearance rates last week were higher than they were a year ago when they were recorded at 70.9%.
Melbourne’s auction clearance rate rose from 77.0% the previous week to 78.9% last week while auction volumes also rose from 1,441.
In Sydney, clearance rates were slightly lower last week than over the previous week, falling to 75.8% from 76.8%.
Sydney auction volumes were higher over the week increasing to 1,098 from 1,001. Outside of the major auction markets, clearance rates increased in Adelaide, Canberra and Tasmania but were lower elsewhere.
The number of new and total residential properties advertised for sale has fallen again over the past week and each remain lower than they were a year ago.
Over the 28 days to March 26, there were 45,228 newly advertised residential properties for sale nationally and 28,302 newly advertised for sale properties across the combined capital cities.
The number of new properties advertised for sale is -0.9% lower over the year nationally but 4.9% higher across the combined capital cities.
The number of newly advertised properties available for sale is lower over the year in Brisbane (-9.9%), Adelaide (-0.1%) and Perth (-6.0%) but is higher across the remaining capital cities. Nationally there were 232,160 total properties advertised for sale over the past 28 days with 107,198 advertised across the combined capital cities.
Total advertised stock is -6.9% lower over the year nationally and -4.0% lower across the combined capital cities.
Each individual capital city currently has fewer homes advertised for sale relative to a year ago with Hobart (-27.5%) and Canberra (-8.3%) having seen the greatest declines.
The lack of stock advertised for sale, particularly in Sydney, Melbourne, Hobart and Darwin is contributing to the relatively large increases in dwelling values.