Solid population growth in the Australian Capital Territory could be a boon for the local property sector, fuelling demand for real estate and strengthening housing values.

Latest data from the Australian Bureau of Statistics shows the ACT’s population surged by 1.4% in the year to September 2022, with an additional 6,300 people calling Canberra home.

In the past 10 years, the ACT’s population jumped from 378,586 in 2012 to 459,048 in 2022.

But statistics show most of the recent population growth in the territory was driven by overseas migration to Canberra and natural population increases, not interstate migration.

While net overseas migration increased by 6,266 people in the year to September 2022, the ACT lost 3,044 people to net interstate migration. The population sustained a natural increase of 3,089 for the 12-month period.

MARQ Property Licensed Agent, Sam Taylor, said continued population growth would likely help maintain stability in Canberra real estate on the back of market uncertainty and interest rate rises.

“Population growth and migration can help to fuel the property market and has been proven to support property prices because, at the end of the day, everyone needs a home to live in,” Sam said.

“This upward trajectory for our population is good news for the local real estate and rental markets as it drives up demand for housing and boosts the economy over the long term.

“Canberra is in a fortunate position. Our vast majority of public sector jobs make our city a very attractive proposition when it comes to stable employment so we have no shortage of people moving here for work prospects.”

Nationally, Australia’s population grew by 1.6% in the year to September 2022.

Head of ABS Demography, Beidar Cho, said the national increase of 418,500 people in the year to September 2022 brought the country’s population to 26.1 million.

“That’s 1.6% growth, which is similar to what we saw in the years before the COVID-19 pandemic began,” she said.

“Migrant arrivals have returned to similar levels to those prior to the pandemic but departures remain lower – mainly because there are fewer recently arrived temporary migrants, like international students, who are due to leave.”