Terry’s View: Population Growth Stars

Population growth is not the most important factor in real estate, but it is a major metric worth considering. Where population levels grow, inevitably demand for property grows, which can lead to price growth.

Percentage-wise, Western Australia and Queensland are the leaders for population growth in Australia, but in terms of pure numbers of new residents, it is Victoria that leads the pack.

The latest insights from the demographic data platform, Informed Decisions, in the year to March 2025, an additional 125,000 residents moved to Victoria.

Most of that growth came from overseas migration, which was responsible for 93,000 new residents. It wasn’t all one-way traffic; the state did lose some residents to other states. NSW at the same time gained 102,000 new residents, 97,000 of them from overseas. 

Despite these big numbers, Queensland and Western Australia remain the fastest growing states, with population growth of 1.8% and 2.3% respectively - above the national average of 1.6%. Both enjoyed substantial uplift from overseas migrants, but were also the two states to grow substantially from internal migration, particularly Queensland.

Every state and territory increased by at least 1.1% during the year, with the exception of Tasmania, which rose just 0.2%.  

Australia’s population is 27.54 million - up by 423,357 over the year