Growing national population across Australia highlights housing supply needs
Anyone revising their property investment strategies could be interested to hear about the developing opportunities for real estate in Victoria, with recent data from the Australian Bureau of Statistics (ABS) indicating the region's growing population over the 12 months ending September 2013. These strong results could be a great chance to expand a property portfolio in the near future.
In fact, the region has been highlighted as the strongest state for interstate migration, which could be an illuminating piece of information for potential investors across the nation. Premier Denis Napthine said the figures indicated the state's population increased by 110,550 people - or 2 per cent - over the 12 months ending September 2013. This brings Victoria's population up to 5.77 million, which is set to grow further.
"This is significantly higher than the national population growth rate of 1.8 per cent and much higher than NSW's growth rate of 1.5 per cent," said Dr Napthine in a March 27 statement.
"Our net interstate migration gain is now the highest it has been in more than 30 years. The fact that more people are choosing Victoria as the best place to live and raise a family is a show of confidence in our state."
According to the statistics, Victoria's population growth consisted of 41,300 natural births, 62,300 overseas migrants and 6,900 interstate migrants. The Housing Industry Association (HIA) illustrated that the whole of Australia's population grew by over 100,000 during the September quarter alone - reaching 23.24 million and an annual growth rate of 1.8 per cent.
HIA Economist Geordan Murray said the natural population growth for the nation was 164,428 over the 12 months to September, representing a 2.9 per cent increase. Furthermore, net overseas migration grew by 1 per cent over the year to September, rising to 241,018.
"We have a situation where the importance of migration in securing the nation's future economic prosperity is widely, and appropriately, acknowledged," said Mr Murray in a March 27 statement.
"It is vital that the implications of stronger population growth for housing demand are reflected in a clear and strategic focus on housing supply policy from all levels of government."
This is being reflected by Dr Napthine's future plans for Victoria. A number of infrastructure developments are set to help push the state forward, including public transport options and schooling facilities across the region.