Average house on Australia's most expensive street costs $45 million

Australia's population experienced significant growth over the last year, rising by 552,000 individuals, according to the Australian Bureau of Statistics. This growth resulted from a considerable influx of migrants, with 666,800 new arrivals recorded, as well as a reported 289,100 births. The nation faced a net loss of 221,200 individuals and 182,700 deaths during this period. Consequently, the net increase of 445,600 migrants combined with an additional 106,400 births resulted in a 2.1 percent overall rise in population. The population growth rates varied across the states, with Western Australia leading at a 2.8 percent increase, followed by Victoria at 2.4 percent and Queensland at 2.3 percent. In contrast, Tasmania saw the lowest growth rate at just 0.3 percent, while New South Wales and the Australian Capital Territory both experienced a respective increase of 1.7 percent. This dynamic shift in demographics reveals the persistent trend of many Australians relocating to states with higher growth potential, primarily driven by job opportunities and lifestyle preferences. The Australian government's migration strategy has been noted to play a crucial role in these figures. It aims to reduce net migration to 260,000 in the current financial year and is also considering lowering foreign student numbers. Notably, the influx in population primarily stems from international migration rather than natural growth, indicating challenges tied to low birth rates in the country. Currently, overseas migrants predominantly hail from England, India, China, New Zealand, and the Philippines. New South Wales, Victoria, Queensland, and Western Australia were top recipients of this migration. On a separate note, property prices in Australia continue to rise, with notable increases highlighted in the high-end market segment. In locations such as Sydney, the average price of homes on the most expensive street surged to $45 million, reflecting broader trends of escalating real estate values in the country. This surge in both population and property values highlights the ongoing socio-economic shifts taking place in Australia, leading many to speculate on the future implications these trends may hold for local communities and the economy at large.