Australia’s population is continuing to grow, with Western Australia the most popular destination.

New data from the Australian Bureau of Statistics shows that in the final quarter of 2024, Australia’s population grew by 91,133 people to reach 27,400,013. It is up by almost 450,000 over the year. In the past quarter, Western Australia is up by 2.4%, Victoria and Queensland are both up by 1.9%, ACT, 1.4%, New South Wales, 1.3%, Northern Territory, 1.2%, South Australia, 1.1% and Tasmania, 0.3%. Cameron Kusher from Oz Property Insights says population growth is an important market of further demand in property markets.

He says while the rate of population growth has slowed a little, it is still elevated and sits at levels not previously recorded since 2017. “(It) is adding to significant demand for infrastructure and housing at a time in which we aren’t building enough of either,” he says. “The high rate of population growth will continue to fuel demand for housing, mostly rental housing, and maintain the upward price pressures despite limited wage increases for most households. Rental affordability will continue to be a challenge for households.”