The latest statistics from the Bureau show that Australia’s resident population reached 22.62 million last year, increasing by 320,800 people over the last twelve months. This represents an annual growth rate of 1.4%, the lowest since 2006 and lower than the annual average growth rate of 1.8% over the five years to June 2011.
This is one of the reasons why new housing starts have been in the dumps in recent years. Not enough people are moving to Oz.
All states and territories experienced population growth in 2010-11, with the largest population increases continuing to be in Australia’s three most populous states. Victoria had the greatest growth (up by 84,200 people), followed by New South Wales (82,200) and Queensland (74,800). This is only the third time in the last ten years that Queensland has not had the largest growth of all states and territories.
Queensland has been broken for some time.
Business and residents need legitimate reasons – other than the nice weather – to move to the Sunshine State. The LNP white-wash will hopefully get the ball rolling in this regard. My two-bob’s worth of how this could best be done, as one would expect, is on its way. I have been biding my time until after Easter. Watch this space.
More than 14.50 million people, close to two-thirds of Australia’s population, reside in the eight capital cities, and the combined population of the capital city/urban areas increased by over 224,000 over the last twelve months.
Melbourne recorded the largest growth of all capitals, increasing by 67,000 people, followed by Sydney (60,000), Perth (43,000), and Brisbane (35,000). Population growth in Melbourne equated to an average increase of close to 1,300 people per week, while the population of Sydney increased by over 1,100 people per week.
When factoring in the Gold and Sunshine Coasts plus out west to Toowoomba, South East Queensland’s population increased by 52,000 people last year or by 1,000 people per week. Just under three million people (2,965,000) now live across the south-east corner of the state.
Many local government areas which had large and/or rapid growth were located on or near the boundaries of capital cities, where more land tends to be available for subdivision and housing development.
In Melbourne, the population of outer suburban Wyndham (C) increased by 12,200 or 7.8%. This was both the largest and fastest increase of all Victorian municipalities and the fastest in the country. Strong growth was also experienced in Whittlesea (up 8,700 people or 5.6%) and Melton (6,000 people or 5.6%).
The inner-city areas of Sydney, Brisbane and Melbourne had population increases among the largest in Australia, increasing by 3,500; 3,450 and 2,500 people respectively. Perthwas the fastest-growing of all the inner capital city areas, increasing in population from 18,000 to 18,600 people or 3.7%.
Since these stats were released, the number of people settling down under has risen substantially. Close to 14,000 people are now arriving each month, compared to the lows of 9,500 per month in late 2010.
Our modelling suggests thatAustralia’s resident population could reach 23 million by late July this year – hint, hint, this missive’s title. Australia’s current population growth rate is around 350,000 per annum.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Matusik has helped over 550 new residential developments come to fruition and writes the weekly Matusik Missive. The Matusik Missive is free, however, reprinting, republication or distribution of any portion of this material, or inclusion on any website, is strictly prohibited without the written permission of Matusik Property Insights and may incur a charge.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.