International Migration Surges at Record Rates

The Australian Bureau of Statistics data revealed on 14 September 2023, shows some interesting trends and scary figures for those struggling to find a home to rent or buy. According to the ABS, Australia’s population grew by 563,200 individuals during the 12 months to the end of March 2023. The national population growth is at its highest level since 2009, following the global financial crisis. This remarkable growth was fuelled by net overseas migration of 454,361 people, accounting for 81% of total population growth. The ABS reported that the higher net overseas migration was driven by higher temporary migration, especially higher arrivals of international students, and fewer departures across most temporary visa categories.

Quarterly Change in National Population

When reviewing population growth at a state level, Victoria had the largest increase in population growth over the last year with 161,700 people. A large proportion of this can be attributed to the strong return of international students, which would be putting strong pressure on the availability of inner-city rental units. In terms of the largest % increase, Western Australia leads the way at 2.8%.

The below table summarises the annual population change across the Australian states as of 31 March 2023.

Annual Population Change by State

Population at 31 March 2023 Change over previous year % change
New South Wales 8.29m 156,300 1.9%
Victoria 6.77m 161,700 2.4%
Queensland 5.42m 124,200 2.3%
South Australia 1.84m 29,200 1.6%
Western Australia 2.86m 78,300 2.8%
Tasmania 0.57m 2,400 0.4%
Northern Territory 0.25m 2,100 0.9%
Australian Capital Territory 0.46m 8,900 2.0%
Australia 26.47m 563,200 2.2%

Source: ABS

With the lack of available housing affecting all locations across Australia it is worrying that these statistics show that the housing crisis is far from being resolved, as supply struggles to catch up with soaring demand.

Mike Henderson
Group Executive Director – Residential Operations
— Brisbane Property Valuers
  |  LinkedIn
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