Rapid population growth
As noted in the previous post, Australia's population has been revised up, with estimated population growth running faster than previously believed.
The rebound in population has been electric.
The ABS reported its December quarter estimates which showed annual population growth at very high levels in New South Wales (+138,000), Victoria (+137,700), Queensland (+116,600), and Western Australia (+62,700).
Total population growth in 2022 was close to +500,000, despite a surprisingly big drop in the estimated natural growth of the population.
That's less than, say, Canada, but it's extremely strong growth for Australia.
Source: ABS
Recent trends suggest that the population growth is running faster again in 2023.
This explains the large pressure on rental markets, with most new migrants typically being renters, at least initially.
PropTrack reported today that the pressures on housing markets have shifted from regional Australia to the capital cities, as immigration accelerates and as some workers are called back in to the office.
