Capital cities bust records
Enormous population growth figures were reported by the ABS for Melbourne (+167,500), Sydney (+146,700), Brisbane (+81,200), and Perth (+81,300) in the 2023 financial year.
In fact, these were the highest figures since the data series began more than half a century ago in 1971.
In percentage terms, Perth had the highest growth rate at +3.6 per cent.
Population growth in regional Australia (+1.4 per cent) was slower than in the capital cities (+3 per cent) as immigration resumed.
Source: ABS
Most new migrants continue to head to Sydney and Melbourne, but it was interesting to see the growth in popularity for Perth on these figures, moving right up alongside Brisbane.
It may even be the case that the figures for the 2024 financial year prove to be even higher again.
The sub-regional data also revealed some interesting patterns in terms of the most (and least) popular destinations and population growth hubs, but the macro picture is that lending settings are tight and there could prove to be nowhere appropriate for all these new arrivals to live.
For the time being mortgages are being assessed with a 3 percentage points lending assessment buffer - even though markets are pricing for lower interest rates over the next 18 months - and lending for the purchase and construction of new homes is tracking at around all-time lows.
This is now becoming a major policy issue for the government, and the record population growth rebound is happening as tent cities have variously been sprouting up in Sydney CBD, Wentworth Park, Enmore, Dee Why, NSW South Coast, inner-city Melbourne, Perth, Fremantle, South Brisbane, Toowoomba, Gold Coast, Caboolture, and elsewhere.
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