The population of Australia is growing, according to the Australian Bureau of Statistics (ABS), with 2008 figures showing that the country grew by the fastest rate on record and looks set to grow by a further 1.6 million people in the next five years.
The growing population of Australia, and in particular in the major cities, is a good indicator of housing needs in the coming years.
With a housing shortage existing in many cities already (notably Sydney), this may prove to be the saving grace for the Australian economy and housing industry as we battle through the Global Financial Crisis (GFC).
The largest growth came in the major cities of Melbourne, VIC and Sydney, NSW, which grew by 75,000 and 55,000 residents respectively. Additionally, Queensland had six of the top ten fastest growing municipalities in the country. Brisbane led the growth in the state, followed by the Gold Coast and then the Sunshine Coast.
Population growth does, however, need to be matched with not only an increase in the amount of housing, but also in the context of additional services, notably infrastructure. Therein lies Australia’s challenge!
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