Friday 14 June 2024

Record population growth in 2023 (continues in H1 2024)

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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