Commenting on new figures released by the Australian Bureau of Statistics (ABS), the Housing Industry Association (HIA) highlighted that Victoria has hosted the fastest growing population in the country since 2014, with its rate of growth increasing to 2.1 per cent in the year to June 2016.
HIA economist Geordan Murray elaborated: “Victoria also experienced the largest net inflow from overseas since the GFC caused a spike in inbound migration back in 2009. With such strong population growth, it is little wonder that the state is able to keep filling so many new homes.”
The HIA also pointed out that a large share of inflow from overseas migration has occurred in both Victoria and NSW.
“The increased share in these two states has been largely at the expense of migration in Western Australia,” Mr Murray said. “Back in 2012 Western Australia received around a quarter of the net inflow from overseas but Western Australia’s share dropped to only 7 per cent in the year to June 2016. Furthermore, the state has recorded its largest ever outflow of residents to other states.”
“With Victoria having been the strongest residential building market over the last few years and labour force figures showing the state had the largest trend increase in employment in November, Victoria seems to be ticking more of the boxes than any other jurisdiction at the moment,” he concluded.
The ABS statistics also showed that overall Australia’s population grew by 337,800 people in the year ending June 2016, increasing by 1.4 per cent to reach 24.1 million.