Australia continues to be a popular destination for overseas migrants, as the latest figures show steady population growth across the nation. Data from the Australian Bureau of Statistics (ABS) points to 1.4 per cent expansion in the Western Australian population compared to the previous three-month period, potentially adding pressure on the Bunbury property market.
Commenting on the ABS figures, the Housing Industry Association's Economist Diwa Hopkins described the national results as "historically strong".
"During the 1980s, 1990s and the first half of the 2000s, Australia's population grew very steadily, with around 225,000 persons added to the population per year throughout that period," she noted.
Ms Hopkins added that the growth rate exceeded 300,000 people per year, which was also the situation during the March quarter of this year. She used the opportunity to call for a greater supply of real estate to be made available across the nation, as this will help keep Bunbury property and homes in other parts of the country affordable.
The ABS estimated that the resident population of Australia stood at 23.7 million people, representing an increase of 316,000 from 12 months earlier. Natural increase accounted for 45 per cent of this rise, while net overseas migration was responsible for the remaining 55 per cent.
Western Australia wasn't the only location to have seen its population escalate, as all states and territories recorded positive growth during the year to 31 March.
For assistance in finding your ideal home, make sure you get in touch with the team at Ray White Bunbury. We're here to answer all your queries and find a property that suits your individual requirements, whatever they might be.