One of the biggest boosts to our newly invigorated property markets is likely to be Australia's surging population.
According to the latest Australian Bureau of Statistics figures, Australia's population grew by 1.6 per cent during 2018 reaching 25.2 million people.
The number of births in 2018 reached an all time high of 314,900 - the previous record was 312,200 in 2012.
There were fewer deaths in Australia during 2018 (158,500) compared with 2017 (160,100.)
As a result, our natural population increase was 156,300 people in 2018, compared with 144,100 in 2017.
The net overseas migration accounted for 248,500 people, below the peak of 315,700 recorded in calendar year 2008.
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Victoria continues to swell, with its population growth at 2.18 per cent
Victoria continued to have the highest growth at 2.2 per cent
By contrast, population growth in South Australia and Western Australia was 0.8 per cent and 0.9 per cent respectively in the 2018 calendar year.
What lies ahead?
ABS projections suggest:
- Australia’s population could hit 30 million by 2029
- Melbourne could overtake Sydney as the nation’s largest city around 2050.
- In 2050, Melbourne would is expected to reach 8.5 million while Sydney’s population would have hit 8.3 million.
- New South Wales would remain the largest state with a population of between 9 million and 9.3 million in 2027 yet growth would be fastest in Victoria, hitting 7-8 million by 2027.
- Queensland’s population could increase to 6 million in 2027, Western Australia would reach 3 million, and growth would be slowest in South Australia, where the population would stand at 2 million.
Fact is, continued population growth at a time of insufficient building of housing stock, will leave Australia in a situation of under-supply in the years years ahead.