This article is from the Australian Property Journal archive
AUSTRALIA’S population saw another boost of 0.6% over the quarter for an annual increase of more than half a million people.
According to the latest figures from the ABS, as at 30 September 2023 Australia’s population was at 26,821,557 after a quarterly increase of 172,700 people and annual growth of 2.5%.
This was comprised of an annual natural increase was 111,000 and net overseas migration of 548,800.
Reflecting a natural quarterly increase of 27,400 people, which is up 9.8% or 2,500 people from the previous quarter.
With net overseas migration at 145,200 for the quarter, for an increase of 16.3% or 21,800 people from the previous quarter.
In the year ending 30 September 2023, Australia’s population grew by 659,800 people.
NSW just outpaced Victoria for natural population increase, up 32,893 for the year compared to 32,084 people.
With net overseas migration to NSW at 186,433 people and at 161,758 people to Victoria.
Queensland followed with a natural increase of 23,010 and net overseas migration of 87,954, while WA had respective increases of 14,729 and 67,629 people.
While net overseas migration looks elevated, the ABS notes that Australia is still seeing the impacts of the border restrictions in place throughout the peaks of the COVID-19 pandemic.
With PEXA’s .id showing Australia’s national population is forecast to surge by 7.4 million by 2041 with two thirds of growth to be focused in Sydney, Melbourne, Brisbane and Perth.
At the same time, the country’s apartment market faces an ongoing struggle with imbalanced supply and demand, with an increase in skilled labour migration one of the key missing factors impacting feasibility.
