Latest population data highlights the focus of growth in the country’s major cities. Sydney and Melbourne continue to record growth rates above 10-year historical averages and more than twice the rates in the remainder of their respective states. In Brisbane population growth recovery is underway.
Combined, the three capitals accounted for 67% of Australia’s net population increase over the past five years. Sydney’s growth continues to be driven by net overseas migration; interstate migration outflow is trending upwards but the residential price differential to other capital cities has peaked.
Melbourne is also heavily reliant on net overseas migration but in recent years has also drawn positive interstate movement. Brisbane (and the remainder of south east Queensland) is benefitting from the wide dwelling price differential to Sydney, with net interstate migration rising steadily since 2015.