Powerful population growth for NSW, Victoria
Bigger populations mean more property purchases, and new statistics have shown that New South Wales is leading the way in this area.
The Australian Bureau of Statistics (ABS) have released their latest population growth numbers for the year to 31 March 2014. The data revealed Victoria and NSW top growth across the country.
Denise Carlton, director of demography for the ABS, has put the level of growth in these states into perspective: "In the past year, the population of New South Wales and Victoria grew by 114,500 and 108,800 respectively. This is like adding close to the population of Darwin to New South Wales or Victoria."
Ms Carlton also noted that net overseas migration (NOM) accounted for 67 per cent of growth in NSW, but only 57 per cent in Victoria.
Victoria's rate of migration is below the Australian average of 60 per cent, which has highlighted the strong movement of people interstate to Victoria.
"Meanwhile, New South Wales recorded its lowest annual interstate loss in nearly 30 years and Victoria recorded its highest annual gain on record," she added.
This shows that these states aren't just attractive for people who want to buy up real estate from overseas, but that they are also being viewed as more attractive than the home states of many current Australians. However, all states recorded positive population growth.
This has been matched by a rise in home prices across NSW and Victoria, with Sydney and Melbourne leading a national home value increase of 10.1 per cent in the 12 months to June 2014. Sydney in particular saw property values jump by 15.6 per cent, while Melbourne recorded a rise of 9.6 per cent, according to ABS figures.
Overall the national population rose by 388,400 to a total of 23.4 million in March 2014 - this features a growth rate of 1.7 per cent.
Having NOM be the major contributor to population growth (60 per cent) also means that it isn't just young children being born - more and more families and professionals are moving interstate and setting up home in these states. To find out more about how this is affecting your local property market, you can talk to a real estate agent.
These figures show a heightened interest in buying up land right across these states, which may in turn bump up property prices further. Should this continue, it would mean excellent conditions for real estate investment in NSW and Victoria.