Population boom
The ABS released its latest population figures up to the end of 2023, which just hinted at a possible peak in the growth rate for the estimated resident Aussie population.
Over the course of 2023 the population increased by a record +651,200 (or +2.5 per cent).
Source: ABS
Some of the fastest population growth in the country has been seen in south-east Queensland, and especially Western Australia, where the population has surged by a massive +3.3 per cent in one year.
Tasmania recorded the slowest population growth, its affordability advantage having been eroded by the preceding housing boom.
Over the year, Victoria (+186,500) and New South Wales (+185,500) recorded the largest absolute increase in population, followed by Queensland at +141,400.
Source: ABS
The population clock was just reset slightly lower from around 27.3 million to 27,269,000, as I write this.
The assumed population growth rate of one additional person every 47 seconds still prices in population growth of (well) above +650,000 for 2024, however.
Source: ABS
Gradually year-on-year population growth should slow as the government aims to disrupt the pace of student visa issuance.
Unfortunately, there's little chance of a pick-up in the speed of homebuilding in the imminent future.
The Age reported that new home builders in Victoria will see a +65 per cent increase in insurances to cover the costs of major developer collapses, following on from a +43 per cent increase a year earlier.
Meanwhile, Victoria's green lobby seem to be hell-bent on pushing through some extraordinary proposals to stymy investor activity, which will, I fear, end in a disastrous outcome for Melbourne's renters.
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