According to the Australian Bureau of Statistics, more than half a million migrants came to Australia in the last financial year.
Although 539,000 people arriving was the highest number of overseas migrants ever to come to Australia’s shores in one year, the figure was offset by 276,000 leaving.
Factoring in departures, there was a net gain of around 262,000 migrants. This was below the previous record achieved in 2009’s financial year – 300,000 migrants.
But internal migration has also hit its highest level in 13 years. Victoria had the largest population gain from interstate migration of any state, just ahead of Queensland.
Over the year, almost 87,000 people moved from another state to Victoria and 68,500 left – producing Victoria’s highest ever net gain. Queensland was just behind, with a net gain of 17,800 people.
Of the 539,000 people who migrated to Australia over the year, 315,000 arrived on a temporary visa – including just over 150,000 international students, more than 50,000 on a working holiday, and 32,000 workers on temporary skill visas.
The research reveals how we are likely to see continued growth in Australia’s population over the coming years, particularly in Victoria. This is good news for property investors, given there will be increased demand for new housing as our population grows.
If you’re interested in how we can help you to get your foot in the “property” door, read more about our services here.