{"id":40838,"date":"2022-11-09T09:22:02","date_gmt":"2022-11-08T20:22:02","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=40838"},"modified":"2022-11-09T09:22:02","modified_gmt":"2022-11-08T20:22:02","slug":"australias-population-is-about-to-soar-but-where-are-millions-of-extra-people-going-to-live","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australias-population-is-about-to-soar-but-where-are-millions-of-extra-people-going-to-live\/","title":{"rendered":"Australia’s population is about to soar, but where are millions of extra people going to live?"},"content":{"rendered":"

PHOTO: Australia’s population is about to boom in a big way. FILE<\/strong><\/p>\n

According to realestate.com.au<\/a> Australia is expected to have a population of 29 million by the end of 2030, which is three million more than now, and keeping up with the growing demand for housing is going to be a major hurdle.<\/p>\n

The country’s population went backwards during the early stages of Covid, with a net loss of 85,000 people in the 2021 financial year.<\/p>\n

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But with borders reopened, Treasury expects net overseas migration will return to pre-pandemic levels this year, and remain at the long-run average of 235,000 people over the medium term.<\/p>\n

Unsurprisingly, the most populous states of New South Wales, Victoria and Queensland are predicted to have the highest number of residents by June 2026.<\/p>\n

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NSW and Victoria are tipped to growing by 300,000 and Queensland by 400,000 to have resident bases of 8.5 million, 7 million, and 5.6 million respectively.<\/p>\n

“Ensuring the supply of new homes keeps up with Australia\u2019s growing population is going to be a key challenge over the coming years,” PropTrack economist Anne Flaherty said.<\/p>\n

Pete Wargent, co-founder of national buyer’s agency BuyersBuyers, said that while population growth had temporarily halted due to Covid, it’s been slowly creeping back up, adding pressure to the housing market.<\/p>\n

After a lengthy period of closed international borders, population growth hasn\u2019t been much in the news of late,” Mr Wargent said.<\/p>\n

“Now, for the first time in a decade, we have full employment and a genuine skills shortage, and after a hiatus, we should expect a strong rebound in net overseas migration.”<\/p>\n

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As population grows experts question where everyone will live. Picture: Getty<\/strong><\/em><\/p>\n<\/div>\n

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Renters will be the first to feel the squeeze<\/h2>\n

With Australia’s border now open and universities welcoming back students from overseas, the competition for inner-city rentals is at an all-time high, driving prices up accordingly.<\/p>\n

PropTrack’s latest Rental Report for the September quarter<\/a>\u00a0shows rent prices have increased at the fastest quarterly rate on record, surging by 4.3% in the past three months to reach a national median of $480 per week.<\/p>\n

As the population increases rapidly in coming years, Ms Flahertly said many renters will be struggle to stay housed.<\/p>\n

“There is already an undersupply of rental accommodation. A slowdown in development activity as population growth resumes will exacerbate supply issues over the coming years.<\/p>\n

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“This will reveal itself in the rental market \u2013 new Australians are more likely to rent than buy in their first few years, so this is where the pressure of a larger population will be first felt.<\/p>\n

“If demand to rent outpaces the supply of new rental properties, this will drive rents further upwards.”<\/p>\n

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