Money Minute – June 28 2017 “Census Snapshot”

Census Snapshot

Ross Greenwood: Now, the national census – done every five years – is a bit like the community looking into a mirror to see how we’re changing, and how we’re growing.

And though the collection process was mired with problems, and some are skeptical because they say people lie on the forms, it’s in fact the deepest and very best survey that our nation undertakes.

So what does it say about us?

Well, first we’re aging, we’re better educated, we’re increasingly international, and the nation is becoming increasingly Asian.

Sydney, for example, there has more people of Asian heritage than British heritage for the very first time.

Now on the subject of Sydney, Melbourne is set to take the title as Australia’s most populated city.

The difference is now around 300,000 people but Melbourne will go past Sydney within the next few years.

Two-thirds of us live in capital cities – they’re growing fast – that partly explains the rising capital city house prices and  while a quarter of people in Australia were born overseas.

When people come here, around 80 percent settle in our capital cities, so government perhaps could take pressure off the cities by encouraging more migrants to live in regional towns when they first arrive here.

Now, if you want to invest in property or anywhere, grab the census and study it.

Generally in the places where property prices grow fastest are also the fastest growing population areas.

In Queensland, North Lakes is the fastest growing region.

In Victoria,  Point Cook.

In New South Wales, the Camden region.

All of these are on the outskirts of the cities, and each has a giant housing estates that have been built along with infrastructure from state government and private developers.

But despite big house price rises, Australians – on average – now pay less for their mortgage than they did five years ago.

$1755 a month – that’s $45 a month less because of falling interest rates but oddly people who rent are paying more.

$50 a week extra – $335 a week.

So that is your weekend…reading the census.

Markets

Dow Jones down 98.  The dollar 75.8 US cents

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