Australia’s population hits 25 million
Australia’s population hits 25 million, a major milestone. Just after 11pm on 7th August 2018, Australia’s population hit 25,000,000 people.
Australian population hits 25 million
The population growth figures according to the Australian Bureau of Statistics (ABS) are as such:
- one birth every 1 minute and 42 seconds,
- one death every 3 minutes and 16 seconds,
- one person arriving to live in Australia every 1 minute and 1 second,
- one Australian resident leaving Australia to live overseas every 1 minute and 51 seconds, leading to
- an overall total population increase of one person every 1 minute and 23 seconds.
Source: Australian Bureau of Statics https://goo.gl/b8CXVj
Looking at Victoria
According to the ABS, Melbourne has the biggest population growth of all Australian major cities, with a growth rate of 2.7% compared to Sydney’s 2%. The biggest single driver of this growth in Victoria’s capital is overseas migration, account for 64% of the total growth. Natural growth followed as the second most powerful driver accounting for 29% of growth.
Melbourne is only 200,000 people shy of Sydney, which boasts the biggest population of any capital city with 5.1 million currently residing there.
According to a recent 9 News article, Melbourne has recorded its highest-ever net annual population increase of 125,000. There are now 4.9 million Melburnian’s with the growth rate currently sitting at 2.7%.
So Melbourne’s population is soaring. Currently Melbourne has 4.9 million people, with the ABS predicting that by 2061, the population in Australia’s most liveable city will be anywhere between 9 million to 12.1 million people depending on which growth model being used.
ABC News quoted data from the Urban Development Institute of Australia (UDIA) showing that even though we have record levels of housing development in Victoria, the number of new homes being built isn’t keeping up the demand from the state’s growing population.
Is this positive for the Melbourne property market?
Continued population growth means continued housing demand, particularly in Melbourne.
Naturally, as demand increases and supply decreases, an imbalance is created which pushes the prices (on average) higher over time. All these facts should give home buyers confidence in the market and investors hope over a long-term view in Melbourne.
We recently wrote an article called “Worried about the Melbourne property market” explaining why buyers and investors shouldn’t panic amongst the recent “bad news”. You can read it here.
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