Latest demographic data for the year to March 2014 indicates WA’s population continues to slow as highlighted by the ABS. “Western Australia continued to have the country’s fastest population growth rate at 2.5 per cent in the year to March 2014, although this has slowed significantly from 3.5 per cent growth a year ago.” As the graphic indicates the fall in annual growth to 63,400 “is due to a drop in both overseas migration and internal migration though the number of births continues to rise.”
The latest growth rate has fallen below State Budget’s estimate of 2.6 per cent for 2013-14 and is heading towards Treasury’s projected growth rate of 2.1 per cent in the out years to 2017-18 or around 55-58,000 per annum. The continuing fall in population growth which is a lagging indicator confirms the weakening demand for rental property that REIWA has been tracking since the growth rate peaked at 3.7 per cent in September 2012.
Peter Clements, Mint Real Estate, Claremont