Here are some interesting property facts that you should know about Australia.
They’ll come in useful when the property pessimists get into your ear :
- There are 10.3 million dwellings in Australia valued at a total of $6.5 trillion
- The total outstanding mortgage debt on these houses is $1.79 trillion – meaning the overall Loan to Value Ratio for all Australian residential property is just over 17%. Now that’s not as bad as many people make out is it? Remember there are many properties in Australia with no mortgage debt against them at all.
- Australia has doubled its population in the last 48 years. Currently the population is around 25.4 million, in 1970 it was 12.5million.
- Australia’s population is likely to grow to 30 million people over the coming decade to 2030 and to 40 million people by 2048.
- There are currently 9.6 million households in Australia, and the average household size is 2.6 people.
- Australia is one of the fastest growing developed nations in the world, growing at 1.4% per annum and adding around 400,000 people year.
- Australia’s population growth comes mainly from net overseas migration (61%) and then from net population increase (39%).
- Today 29% of all Australians were born overseas, compare it only 18% of the population all overseas in 1966. Of the Australians born overseas the most common country of birth after England is now China.
- We are also more generationally diverse than ever. Despite our ageing population, currently there are more Australians born after 1980 then before it. This means Gen Y (born from 1980 to 1994), Gen Z (born from 1995 to 2009) and Gen Alpha (born after 2010) will comprise more than half Australia’s population.
- Currently Gen Y and Gen Z comprise the majority of the workforce, outnumbering Gen X and the Baby Boomers for the first time.
- Melbourne is Australia’s fastest growing city (2.4% per annum) – adding more than 125,000 people in the last year– that is the equivalent of adding a new Darwin or Ballarat or Bendigo annually.
- Based on its current rate of growth, Melbourne’s population will reach 8 million in 2037. Sydney will take a little longer to reach 8 million – 2040
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