The real driver of Australian population growth
With the number of local births on the decline, Australia is increasingly looking to other sources to meet ongoing labour demands
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Australia’s population grew by 2.5 percent to 26.8 million people over the 12 months ending 30 September, according to new figures from the Australian Bureau of Statistics (ABS). This was an annual increase of 659,800 people, with migrants making up 83 percent of the increase at 548,800. Natural increase, which is births minus deaths, contributed to a net gain of 111,000 people.
Natural increase was 3.9 percent lower than the same period in 2022, reflecting a trend in Australian women having fewer babies. Migration was 60.3 percent higher than the same period in 2022, however the data from this period was impacted by the border closure until February 2022. Most migrants arriving in the 12 months to 30 September 2023 were international students and workers on temporary visas. The overwhelming majority of migrants are coming from India, China, and the Philippines. Of the 548,800 net migrants that relocated here over the 12 months, 34 percent settled in New South Wales, 29.5 percent settled in Victoria and 16 percent settled in Queensland.
Western Australia had the fastest population growth rate, up 3.3 percent, followed by Victoria at 2.9 percent, Queensland 2.7 percent, New South Wales 2.3 percent, Australian Capital Territory 2.1 percent and South Australia 1.7 percent. The lowest growth was in Tasmania at 0.3 percent.
Drivers of Western Australia’s highest population growth rate since 2009 include record employment and a booming economy. The state government upgraded its state final demand forecasts for FY24 from 3 percent to 4.5 percent in December.
While the biggest contributor to the state’s population growth is international migration, Professor Amanda Davies, Head of Social Sciences at the University of Western Australia, comments that strong interstate migration is resulting from “‘push’ factors operating in major east coast states, and in particular high costs of living and housing.” Strong buyer demand has pushed the Perth median house price up 18.6 percent, which is the strongest annual rate of growth anywhere in Australia.
The Perth median house price is $718,560, according to CoreLogic. Real Estate Institute of Western Australia CEO Cath Hart commented: “We can expect to see house prices and rents continue to rise, homes to sell and lease quickly, and the rental vacancy rate to remain low for some time yet.”
The ABS also tracks interstate migration, which is the movement of Australian residents between states and territories. Over the 12 months to 30 September, Queensland had the highest rate of net interstate migration at 32,625 people, followed by Western Australia with 11,233.
The state that lost the most residents was New South Wales, with a net 33,302 people moving elsewhere and the bulk of them departing Sydney. This net outflow is much higher than other parts of Australia. The second highest loss through interstate migration was in the Northern Territory with 3,606. Victoria lost just 1,119 people. NSW Productivity Commissioner Peter Achterstraat AM recently warned that Sydney is losing many residents aged in their 30s and 40s due to unaffordable property values. He says Sydney “could become known as the city with no grandchildren”.
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
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Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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