“This is the fastest population growth for Victoria since 2009 and is well above Australia’s growth rate of 1.4 per cent,” he says.
“New South Wales was the next fastest state, increasing by 1.4 per cent. Queensland and the Australian Capital Territory were not far behind, with both growing at 1.3 per cent.”
Net overseas migration was the main contributor to growth in Victoria, adding 62,800 people to the population over the year. The remainder of Victoria’s population change was explained by natural increase (+37,600) and net interstate migration (+14,500).
“The last time Victoria was growing this fast, back in 2009, the breakdown of Victoria’s growth was different, with net overseas migration at 84,200, natural increase 34,600 and a net interstate migration inflow of just 500 people.”
The Victorian population is projected to reach 7 million in 2024.
Source: Australian Property Investor