Melbourne has experienced unprecedented population growth over the last decade. ABS statistics show that the Victorian population has increased from 2005 to 2015 by about 1M people with most settling in Melbourne.
Net overseas migration was 54,052 people in 2014-15 with another 10,190 moving from interstate. This was a decrease in numbers due to lower migration to Australia overall. Most of these international migrants are on working visas; and plan to stay and buy property once they have their permanent residency. This will continue to have a major impact on the Melbourne market.