Are you looking for the fastest-growing areas for 2024?
Australia’s population grew by 659,800 people (or 2.5%) to 26.8 million people in the year to September 2023, with Western Australia enjoying the fastest percentage growth rate of all the nation’s states (of 3.3%), according to the latest Australian Bureau of Statistics data.
With 765,900 overseas migration arrivals and 217,100 departures, net overseas migration was 548,800 people during the 12-month time period.
There were also 295,000 births and 183,900 deaths registered in Australia, which makes the natural increase 111,000 people, 3.9% less than the previous year.
While population growth surged in some states more than others, some areas far outshine others.
Here’s a rundown of the fastest-growing areas, suburbs, and cities in each Australian state.
VIC fastest growing suburbs
According to the ABS data for the 2022-23 financial year, Greater Melbourne’s population increased by 167,500 people (3.3%), while the rest of the state increased by 17,300 (1.1%).
This was largely due to significant net overseas migration of 146,772 people and new births (27,390 people) at a time when net internal migration was low at just -6,678 people for the period.
ABS data shows that the fastest-growing areas in Victoria are:
FRASER RISE - PLUMPTON (267% GROWTH)
The third fastest-growing area in Victoria is Fraser Rise-Plumpton, located northwest of Melbourne’s CBD, with a 267% increase (or 3,400 people) in its population over the financial year.
TARNEIT - NORTH (19% GROWTH)
The Tarneit-North area of Melbourne’s outer west was also one of the fastest growing areas across Victoria, thanks to a 19% increase in its population over the year.
CLAYTON (NORTH) - NOTTING HILL (19% GROWTH)
The Clayton (North) - Notting Hill area is the third fastest growing area in Victoria - its population grew 19% over the 12-month period.
QLD fastest growing suburbs
Greater Brisbane increased by 81,200 people (3.1%), and the rest of the state increased by 58,300 (2.2%), mainly due to a surge in overseas migration adding another 51,801 people and 14,087 new births.
Queensland’s internal migration (representing 15,332 people for the year) also remains the strongest of all the states as people in Victoria and NSW continue to flock north in search of more affordable property in lifestyle locations.
ABS data shows that the fastest-growing areas in Queensland are:
CHAMBERS FLAT - LOGAN RESERVE (18% GROWTH)
Chambers Flat-Logan Reserve in Logan, situated within the south of the Brisbane metropolitan area in South East Queensland, had the strongest population growth for the state during the 2022/23 financial year, with an 18% population increase thanks to property development opportunities.
PALLARA - WILLAWONG (14% GROWTH)
In Brisbane’s south, the Pallara-Willawong area came in second place after its population increased by 14%.
GREENBANK - NORTH MACLEAN (13% GROWTH)
In third place is Greenbank - North Maclean, south of the Brisbane metropolitan area in Logan, where population numbers increased 13% over the 12-month period.
NSW fastest growing suburbs
Greater Sydney increased by 146,700 people (2.8%) in the 2022-23 financial year while the rest of the state increased by 28,900 (1.0%), mainly due to bumper net overseas migration (156,616 people) and 28,511 new births.
Thankfully numbers were high enough to offset the -38,425 net internal migration where Sydneysiders upped roots and moved north in droves.
ABS data shows that the fastest-growing areas in New South Wales are:
BOX HILL - NELSON (27% GROWTH)
Located around 42km north-west of the Sydney CBD, Box Hill, and Nelson grew 27% (or 18,386 people) in the past financial year, largely thanks to a new Sydney Metro Northwest rail line, plans for a major new mixed-use town centre and the Hills Shire Council’s focus on family-friendly development.
MARSDEN PARK - SHANES PARK (20% GROWTH)
Located 50 kilometres west of the Sydney CBD across Blacktown and Penrith, Marsden Park, and Shanes Park have benefitted from the local council’s push to build new homes and transport links, boosting their population by 20%.
ULTIMO (19% GROWTH)
Ultimo, an inner-city suburb of Sydney, comes in as the state’s third-fastest growing area as its inner city location successfully draws 19% more people to the area.
SA fastest growing suburbs
Greater Adelaide increased by 28,100 people (2.0%), and the rest of the state increased by 3,000 (0.7%), mainly due to overseas migration or 26,471 people and a small number (3,404) new births.
ABS data shows that the fastest-growing areas in South Australia are:
MUNNO PARA WEST - ANGLE VALE (10% GROWTH)
Located north of Adelaide, Munno Para West - Angle Vale is listed as the fastest-growing area in South Australia by the ABS, thanks to projected developments in the area boosting the population by another 1,800 people.
ADELAIDE CBD (7.5% GROWTH)
The city centre of Adelaide grew by another 1,400 people (or 7.5%) over the 2022/23 financial year as people move back towards the city after the max-exodus during the Covid pandemic.
VIRGINIA - WATERLOO CORNER (7.5% GROWTH)
Also in Adelaide’s outer north, the population increased by 7.5% in the Virginia and Waterloo Corner areas, with growth projected to continue rising in the near future.
WA fastest growing suburbs
Western Australia had the largest population increase by percentage of all Australian states.
Greater Perth increased by 81,300 people (3.6%), and the rest of the state increased by 8,100 (1.4%), mainly due to overseas migration of an additional 59,331 people..
New births and net internal migration also both positively influenced population growth throughout the state.
ABS data shows that the fastest-growing areas in Western Australia are:
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BRABHAM - HENLEY BROOK (12% GROWTH)
Listed as Western Australia’s fastest and largest growth area, Brabham and Henley Brook’s population increased 12% (or by 1,500 people) over the last financial year.
ALKIMOS - EGLINTON (11% GROWTH)
The area of Alkimos and Eglinton had the largest net internal migration gain (1,800) across the state, boosting its population by 11% over the period.
CASUARINA - WANDI (9.8% GROWTH)
With an 9.8% growth, the area of Casuarina and Wandi has the third fastest growth in Western Australia thanks to a raft of new developments both being built and in the pipeline.
So what is the fastest-growing city in Australia?
The crown can be awarded to 2 winners here - Melbourne has the largest number increase to its population while Perth has the largest percentage increase.
Melbourne had the largest growth (up by 167,484 people), followed by Sydney (146,702 people) and then Perth (81,318 people).
But it was Perth’s high growth rate which shone out(at 3.6%%), followed next by Melbourne (3.3%) and then Brisbane (3.1%).
Capital City population change
| City | ERP at 30 June 2023 | 2022-23 (no.) | 2022-23(%) |
|---|---|---|---|
| Sydney | 5,450,496 | 146,702 | 2.8 |
| Melbourne | 5,207,145 | 167,484 | 3.3 |
| Brisbane | 2,706,966 | 81,220 | 3.1 |
| Adelaide | 1,446,380 | 28,057 | 2.0 |
| Perth | 2,309,338 | 81,318 | 3.6 |
| Hobart | 253,654 | 1,165 | 0.5 |
| Darwin | 150,736 | 1,582 | 1.1 |
| Canberra | 466,566 | 9,651 | 2.1 |
| Total capital cities | 17,991,281 | 517,179 | 3.0 |
A point to remember for investors…
While these lists of high-growth suburbs make for interesting reading, they aren’t areas I’d necessarily recommend investing in.
After all, population growth doesn't necessarily lead to capital growth, so these high-growth suburbs are not necessarily investment-grade locations.
In fact, an increased supply of dwellings is the enemy of capital growth.
At Metropole, we always advise on the importance of investment-grade properties and locations, rather than chasing a hotspot or growth area.
That’s areas and properties which hold their value over the long term, rather than benefit from an uptick in demand.
Note: But even before looking for the right location, make sure you have a Strategic Property Plan to steer you through the upcoming challenging times our property markets will encounter.Because aside from remembering that you should focus your efforts on investment-grade properties and locations, you also need to remember that property investing is a process, not an event.
That means that things have to be done in the right order – and selecting the location and the right property in that location comes right at the end of the process.
And that’s because what makes a great investment property for me, is not likely to be the same as what would suit your investment needs.
