CBRE extrapolated in a report insight that Australia's population will grow by around 4.43 million over the next decade, following a pause in immigration through the international border closures period.
This will represent an increase in the Aussie population of well over +15 per cent over the decade, driving significant demand for housing, with most of the population growth expected to take place along the eastern seaboard.
Australia's population growth is presently running at around +2 per cent, one of the fastest population growth rates in the developed world.
The UK and Canada are also following a similar strategy.
The numbers may or may not prove to be accurate, but the Federal Budget figures showed that this is evidently the intended path for Australia.
With developer insolvencies running at multi-decade highs it's going to be a big challenge for infrastructure and housing supply to keep up over the immediate period ahead.
Looking ahead, it is expected the housing market to be flooded with new high-rise 'Build to Rent' apartments around 3-years from now, mainly in Melbourne and Brisbane.
But these will be priced more dearly than the existing rentals on the market at funds will be aiming to maximise profitability.
2023.09.15
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