The latest quarterly population data from the Australian Bureau of Statistics (ABS) showed that New South Wales’ (NSW) population surged by 172,642 people in the 2022-23 financial year, driven entirely by net overseas migration:
As shown above, natural increase (births minus deaths) of 32,599 was more than offset by the loss of 34,158 residents to other states.
In fact, NSW lost 217,310 residents to other states over the past decade, which was easily offset by 791,944 net overseas migration and 428,341 natural increase:
The major reason why residents are leaving NSW in droves is because of Sydney’s housing, which is the most unaffordable in the nation and in scarce supply amid never-ending mass immigration from overseas.
The next chart from Justin Fabo using REINSW data shows that Sydney’s rental vacancy rate hit new lows in November:
At the same time, Domain data shows that Sydney’s median asking rents have skyrocketed amid record net overseas migration:
Overseas migrants are piling into Sydney in record numbers, which is driving up rents and house prices, and forcing locals out.
How good is Big Australia immigration?
