Are you looking for the fastest-growing areas for 2023?
The population of Australia's capital cities grew by 205,400 people in the 2021-22 financial year, with growth in the regions also strong (up 102,700 people) according to the latest Australian Bureau of Statistics (ABS) data.
But we know that our population has surged by over half a million people last year alone.
However, population growth in some areas has outshone the others - with one state taking the crown as having the country’s fastest-growing population overall.
Here’s a rundown of the fastest-growing areas, suburbs, and cities in each Australian state.
According to the latest ABS data, in Victoria, 55,000 people were added to Greater Melbourne’s population (that’s a 1.1% increase) while regional Victoria’s population increase accounted for another 16,800 people (also a 1.1% increase).
This was largely due to net overseas migration and new births, although net internal migration was negative, dragging down numbers.
ABS data shows that the fastest-growing areas in Victoria are:
Tarneit - North (28% growth)
The Tarneit-North area of Melbourne’s outer west was one of the fastest growing areas across Victoria, now with an estimated residential population of around 9,500 people.
Rockbank - Mount Cottrell (28% growth)
The Rockbank – Mt Cottrell SA2 (statistical area level 2) in Melbourne’s outer west grew 28%, or by 5,000 people which also made it the state’s largest growth area, in the 2021-22 financial year.
Fraser Rise - Plumpton (27% growth)
The third fastest-growing area in Victoria is Fraser Rise-Plumpton, located northwest of Melbourne’s CBD, with a 27% increase in its population over the financial year.
Greater Brisbane increased by 59,200 people (2.3%), and the rest of the state increased by 49,800 (1.9%), mainly due to a surge in internal migration as people in Victoria and NSW flocked north in search of more affordable property in lifestyle locations.
Net overseas migration and new births were also positive influencers in the state’s population surge over the 2021-22 financial year.
ABS data shows that the fastest-growing areas in Queensland are:
Ripley (21% growth)
Located southwest of Brisbane, Ripley is listed as Queensland’s fastest-growing suburb, with its 21% growth rocketing its population to around 16,000 people thanks to newly built property developments.
Chambers Flat - Logan Reserve (19% growth)
In second place, Chambers Flat-Logan Reserve in Logan situated within the south of the Brisbane metropolitan area in South East Queensland, with a 19% population increase thanks to property development opportunities.
Pallara - Willawong (19% growth)
In Brisbane’s south, the Pallara-Willawong area is home to around 10,600 people after its population increased by 19%.
Greater Sydney increased by 37,300 people (0.7%) in the 2021-22 financial year while the rest of the state increased by 25,200 (0.9%), mainly due to net overseas migration (54,900 people) and births (34,200).
Thankfully numbers were high enough to offset the -51,700 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 (40% growth)
Located around 42km north-west of the Sydney CBD, Box Hill, and Nelson grew 40% in the past financial year, largely thanks to a new Sydney Metro Northwest rail line, and plans for a major new mixed-use town centre and the Hills Shire Council’s focus on family-friendly development.
Marsden Park - Shanes Park (27% 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 27%.
Edmondson Park (17% growth)
In Sydney's southwest, Edmondson Park’s population has grown by 17%, largely due to relocation.
Greater Adelaide increased by 16,100 people (1.1%), and the rest of the state increased by 2,300 (0.6%), mainly due to overseas migration and new births.
ABS data shows that the fastest-growing areas in South Australia are:
Munno Para West - Angle Vale (9.0% growth)
Located north of Adelaide, Munno Para West and Angle Vale are listed as the fastest-growing areas in South Australia by the ABS, thanks to projected developments in the area boosting the population.
Lewiston - Two Wells (6.8% growth)
In Adelaide’s outer north, the area of Lewiston and Two Wells has grown 6.8% over the period with another population boost projected going forwards thanks to continued job creation and new community infrastructure.
Virginia - Waterloo Corner (6.7% growth)
Also in Adelaide’s outer north, the population increased by 6.7% in the Virginia and Waterloo Corner areas, with growth projected to continue rising in the near future.
In Western Australia, Greater Perth increased by 32,200 people (1.5%), and the rest of the state increased by 5,800 (1.0%), mainly due to natural increase.
Net overseas migration gain 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 (10% growth)
Listed as Western Australia’s fastest and largest growth area, Brabham and Henley Brook’s population increased 10% (or by 1,200 people) over the last financial year.
Alkimos - Eglinton (10% growth)
The area of Alkimos and Eglinton had the largest net internal migration gain (1,100) across the state, boosting its population by 10% over the period.
Casuarina - Wandi (8.3% growth)
With an 8.3% 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.
Unsurprisingly, given the sea and tree-change boom which has seen Aussies flock to the sunshine state, Brisbane takes the crown as the city with both the fastest and strongest growth thanks to a strong influx of people across the majority of the city’s areas and suburbs.
Brisbane had the largest growth (up by 59,200 people), followed by Melbourne (55,000) and Sydney (37,300).
Brisbane also had the highest growth rate (2.3%), followed by Perth (1.5%) and Adelaide (1.1%).
Capital City population change
|City||ERP at 30 June 2022||2021-22 (no.)||2021-22(%)|
|Total capital cities||17,458,264||205,388||+1.2%|
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.