Immigration breaks records in early 2024
No respite from the immigration figures in February 2024, with monthly permanent and long-term arrivals surging to a record high at above 153,000.
Over January and February 2024, a record 278,000 permanent and long-term arrivals entered Australia.
In February, long-term departures slumped to just 46,700, so on a net basis we've seen another acceleration in net immigration to just shy of +500,000 over the year, which is of course also a fresh record high.
There is something of a seasonal aspect to this, and hopefully things should prove to calm down a bit in March.
Indeed, this will partly come about anyway from higher rejection rates for international student visas.
Education arrivals were more than 101,000 in February as international students came back into the country for the summer term, but this figure will naturally be lower over the following months.
No peak in sight just yet for immigration, then, but the rapidly rising rejection rates for student visas suggest that the population growth peak probably was hit by around March.
In other news, SQM Research reported rental vacancy rates remaining flat at 1 per cent in March.
Sydney and Melbourne (both at 1.1 per cent respectively) had very tight rental vacancy rates for such large cities, while Perth, Brisbane, and Adelaide all had rental vacancy rates of 1 per cent or lower.
Asking rents for capital city units continued to rise, rising by +9.2 per cent over the year, despite declines in Hobart.
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