Australian population update. Over the last few years, or even decades, the Australian population has witnessed some strong population growth. However in the wake of the global pandemic, growth numbers have fallen.
With the international border restrictions that took place from March 2020, Australia’s population has increased by 35,700. The net overseas migration was 95,300 over the year to March. This was in fact the first drop since 1946. According to the Australian Bureau of Statistics this is the slowest pace since at least June 1981 which was when ABS commences these records.
Over the year ending March there was still a strong number of births. There was 293,500 births however, this was down 8,600 or 2.8% over the year.
The graph below shows the net overseas migration from 1981 to 2021. You can see a significant plunge in the last 18-24 months, which is the lowest migration 40 years. With border restrictions in place, these figures may not change to much in the near distant future. This is a large contributor to a fall in population growth. This is more evident in both Melbourne and Sydney over the other states.
This is one of the many fundamentals that need to be considered when investing in property. Not all parts of Melbourne or nationally for that matter, experience the same population growth. There are many exciting opportunities to invest at the present moment. At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers.
