Sydney Morning Herald | Net Overseas Migration Falls Below 300,000

Net Overseas Migration Slows as Victoria Attracts More Interstate Movers

The Sydney Morning Herald's Shane Wright reported on the latest Australian Bureau of Statistics figures. They show Australia's population growth has slowed to its lowest non-pandemic rate in 15 years, with net overseas migration dropping below 300,000. Oliver Hume Chief Economist Matt Bell commented on how changing property market conditions in Victoria and Queensland appear to be shifting where people choose to live.

Net Overseas Migration Drops to Its Lowest Level Since 2022

‍According to the ABS figures reported by the Herald, Australia's population grew by 130,887 in the March quarter to reach 27.9 million. Net overseas migration for the quarter was 101,005, a 6 per cent fall on the same period in 2025 and the smallest March result since the depths of COVID. Over the year, net overseas migration eased to 292,100, the smallest number since mid-2022.

Overall population growth eased to 1.4 per cent, or 392,100, over the past year. Excluding the pandemic, the Herald reported this is the lowest growth rate since 2011, down from a recent peak of 2.5 per cent in September 2023. Treasurer Jim Chalmers said the government was ahead of schedule on its budget forecasts to reduce net overseas migration. Liberal housing spokesman Andrew Bragg said migration numbers remained too high and misaligned with housing supply.

Interstate Migration Shifts Towards Victoria

‍The figures also show interstate movements are changing. Victoria recorded a net inflow of 505 people from other states in the quarter, its largest quarterly inflow since before the pandemic. NSW had a net loss of 4,970 people to other parts of Australia, its lowest March quarter result since 2017. Net interstate migration eased in every other state except Tasmania.

Oliver Hume on Queensland's Changing Affordability

‍Bell said changes in the Victorian and Queensland property markets appear to have made Victoria more attractive to people moving around the country. He noted the lift in people moving to Victoria coincided with the number moving to Queensland falling to its lowest level in a decade. Bell said South East Queensland's vacant land price has been above Greater Melbourne's for nearly 18 months and now sits more than $100,000 higher. He suggested that rather than Queenslanders actively moving south, more Victorians are likely staying put because Queensland no longer offers the affordable housing it historically has.

Read the full article: The Sydney Morning Herald

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