Population growth shifts around

Population movers & shakers

Australia's population grew by 104,200 over the September 2024 quarter.

This is obviously a lot of people, but the annual growth rate slowed to +1.8 per cent, or +484,000.

The rush to Western Australia kicked off by the pandemic is now slowing down, as one might expect.

Queensland's relative affordability gap has also closed, meaning that fewer people are now moving up from Sydney to south-east Queensland. 

Victoria is now relatively speaking much more affordable, and should start to attract interstate migrants from Sydney, South Australia, and even some pandemic refugees returning from Queensland. 

Overall the speed of population growth remains high.

In fact, the ABS now predicts that Australia is adding more than 1,500 people per day in 2025, or 400,000 per year, slightly more than previously estimated.

Piecing it together, population growth rates of above 2 per cent were recorded for Western Australia, Victoria, and Queensland. 

Source: ABS

Overall, it looks likely that the population growth rate will pull back to around 1.4 per cent going forward, or 400,000 per annum, but this is still above the rate of housing being built. 

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