Victoria’s population continues to climb, adding 25,248 new residents in Q4 2024. This pushed the state’s total population beyond seven million. For the full year, Victoria grew by 132,572 people, representing 30% of Australia’s total population increase.

Migration and natural increase fuel growth 

Overseas migration remains the strongest driver of growth, although volumes have eased considerably compared to the post pandemic surge of 2022-23.

Natural increase (births minus deaths) also contributed significantly, with 35,272 people added in 2024. While higher than the previous two years, this remains below Victoria’s long term average.

Interstate migration losses easing 

Victoria’s net interstate migration losses have softened, with fewer residents leaving compared to recent years. Rising housing costs in Brisbane and Adelaide appear to be slowing the outflow.

Although some movement to other states continues, interstate losses are now far below the peaks recorded between 2020 and 2023.

A stronger population base supports housing demand 

The combination of overseas migration, a rebound in natural increase, and easing interstate losses provides a stronger population foundation for Victoria’s housing market.

With more than seven million residents, demand for housing (from rentals to new development projects) remains robust.

This article references findings from our August 2025 Melbourne Metro Apartments & Townhomes Market Report. Read the full report here.