A recent article published by an on-line property magazine highlighted just how fast Australia’s population is growing. If you are a serious property investor you need to keep an eye on population growth rates around the country as people equal demand.
In 1998 the ABS predicted that Australia would reach around 23.5 million people by 2051 however, that figure was already reached back 2014 and we have now accelerated well past that.
It is now anticipated, based on current growth rates that Australia will hit 38 million people by 2051. This is over 12 million people higher than originally predicted by the ABS.
So what has caused the increase over the prediction?
There is not one reason why the prediction was incorrect but a number of different factors that have influenced the population figures difference.
- Net Migration is much higher than anticipated – (this is by far the biggest contributor)
- Fertility rates have increased
- Life expectancy is also higher
This growth rate makes Australia one of the fastest growing developed countries in the world. In fact we are growing twice as fast as both the USA and UK. (Based on figure for 2006 – 2016)
This population growth is good news for property investors.