The ABS has released the latest Population Survey results which show strong Net Overseas Migration continues to provide Australia with a solid basis for population growth.
The preliminary estimated resident population of Australia at 31 March 2019 was 25,287,400 people. This is an increase of 1.5% or 388,800 people since 31 March 2018, and 118,600 people since 31 December 2018.
The population increases comprise the natural increase from births & deaths and the net overseas migrations with;
- The estimate of natural increase of 139,100 people for the year ended 31 March 2019, down -2.2%, or 3,200 fewer people than the previous year, and
- The estimate of net overseas migration of 249,700 people for the year ended 31 March 2019, up +4.9%, or 11,700 more people than the previous year.
For property investors it is critical to understand the movement of population, not just into and our of Australia but into and out of each State.
The chart below (scroll left & right) shows the make up of the population growth for each state and territory in Australia. Over the past 12 months, Victoria has seen the strongest level of population growth (up 2.1%), followed by Queensland (+1.8%), ACT (+1.7%) and NSW 1.4%. In terms of interstate migration patterns, Queensland has been a major beneficiary again with 23,269 net migrants moving to the state (well down on the previous peak of near 50,000). Victoria also continues to experience strong interstate migration, though there has been a decline in the total number since early 2017 whilst NSW continues to be the state with the most outflow.
These charts also reveal the big impact that occurred in the Western Australian population numbers as a result of the mining boom, now reversing itself with net outflows and declining natural increase.
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