Australia welcomed 446,000 net overseas migrants over the past year, according to the latest data from the Australian Bureau of Statistics (ABS). This figure marks a 16 percent drop from the 536,000 migrants recorded in the 2022-23 period, yet it remains significantly higher than the federal government’s target of reducing migration to 260,000 in the upcoming financial year.
The ABS determines net overseas migration by subtracting the number of migrant departures from arrivals. Jenny Dobak, head of migration statistics at the ABS, noted, “This fall represents the first annual decrease in net overseas migration since Australia’s borders reopened in 2021-22.” She attributed this decline primarily to a decrease in arrivals, particularly among temporary visa holders, alongside an increase in departures.
The largest group of migrants consisted of temporary students, totaling 207,000. The top five countries of origin for these migrants were India, China, Australia, the United Kingdom, and New Zealand, with a median age of 27.
Despite the decline in migration numbers, every state and territory in Australia recorded a net population gain, which may intensify the ongoing housing crisis. A growing number of working and middle-class Australians are finding themselves priced out of home ownership as demand continues to exceed housing supply.
Recent data from CoreLogic revealed a surge in house prices, pushing an additional 200 suburbs into the “million-dollar club,” where median house values exceed $1 million. This brings the total to 1,257 suburbs with million-dollar price tags, an 18.5 percent increase from 2023, when there were 1,057 such suburbs.
Of the 4,772 suburbs analyzed, 29.3 percent now have values above $1 million, surpassing the previous peak of 26.9 percent observed in April 2022. CoreLogic economist Kaytlin Ezzy explained, “With almost 30 percent of suburbs now posting a seven-figure median, the increase is a natural consequence of rising values and worsening affordability.”
Immigration Minister Tony Burke has been approached for comment regarding these developments.
+ There are no comments
Add yours