20%
This post is another update about the most recent annual ABS population growth figures.
This week’s Missive outlines Australia’s fastest growing suburbs across Australia.
I have selected 68 suburbs, which when combined, held 20% of Australia’s overall population growth during fiscal 2023.
And another important 20% is that from this post I am starting Matusik Missive Plus, where for a small fee, you get extra charts and tables beyond the free weekly subscription and free access to a quarterly video market update.
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There are some 2,350 ‘suburbs’ across Australia.
The reason for the quotation mark is that the ABS officially defines a suburb under its SA2 category, and my table this post, is based on this ABS measure.
Nonetheless, 20% of Australia’s population growth occurred across just 68 suburbs or 3% of the SLA overall count. When it comes to actual area, 20% of the country’s population growth last year took place in just 0.035% of Australia’s total land area.
We are a very urbanised country, coming in 46th place on the world stage. Larger countries ahead of us on this urban list include Japan, Venezuela, and Brazil. Many of the others are small islands nations.
On average these top 68 suburbs grew by 9.7 new residents per existing 100 residents. The Australian average was just 2.4 during 2023.
The table clearly illustrates that Melbourne and Sydney dominate the swiftest growing suburbs. But importantly suburbs in the other major capitals feature strongly too.
Some will quip that this has a lot to do with the rise in overseas migration during 2023 and that once that settles down growth will go elsewhere. Yet historical trends will find this wanting.
The key to providing more housing across Australia is to allow more development in our major urban spaces. Encouraging existing homeowners to help do this heavy lifting is another significant strategy.
More apartments can help, but only between 10% and 20% of most cases. Their cost structure is increasing prohibitive and not that many households can fit into them.
The most effective solution is to allow more backyard homes and boost the supply of co-living dwellings.
Matusik Missive Plus subscribers get this email plus a set of tables - below the paywall line - holding the top 30 population growth suburbs across each state and territory.
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