Melbourne is on track to overtake Sydney to become Australia's biggest city.
Population data released by the Australian Bureau of Statistics shows a boom in Victoria and Western Australia, while Sydney and Adelaide have experienced the highest net losses of people.
Commsec economist Craig James said Melbourne was a hotspot.
"We are seeing Melbourne as a bit of a magnet at the moment so Melbourne is seeing a gain in terms of people, not just from foreigners but also from people in other capital cities."
Meanwhile, Sydney wasn't so popular.
During the last financial year, Sydney lost nearly 15,000 people, the highest net loss of people in any capital city.
Adelaide was the next on the list, losing 3000 people.
Melbourne gained the most number of people with 4000 last year, which was just ahead of Brisbane and Perth.
"It really has been the epicentre of building across Australia and has attracted more and more people from other parts of the country and other parts of Victoria itself," Mr James said.
Sydney will be Australia's first city to reach the five million mark but Melbourne is closing the gap. It's on track to overtake Sydney as our biggest city by 2056. By then both Sydney and Melbourne are expected to be home to more than eight million people.
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