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Australia\u2019s strong population growth continues to reflect the urgent need for housing supply.<\/p>\n
The latest Census data from the Australian Bureau of Statistics (ABS) showed that the population of Australia ended 2021 at 25.77 million, representing an annual growth of 0.5%. Over the last quarter of 2021, the population grew by 0.2%.<\/p>\n
The latest Census data also represented an increase of over two million people or around 8.6% from the 2016 Census.<\/p>\n
BuyersBuyers co-founder Pete Wargent said the growth over the last five years was amid all the travel restrictions due to the onset of the COVID-19 pandemic in 2020.<\/p>\n
\u201cThe Australian population has doubled over the past half-century, and a return to a population growth rate of around 1.5% would see us approximately doubling again over the next 50 years, to around 50 million,\u201d he said.<\/p>\n
Figures show that around 80% of residents live in eastern Australia, with a resident population of 5.2 million in Greater Sydney, 4.9 million in Greater Melbourne, and 2.5 million in Greater Brisbane.<\/p>\n
Mr Wargent said this indicates that demand for housing will continue to be strong, particularly in these regions.<\/p>\n
\u201cUnlike many other developed countries, the targeted design and sheer strength of Australia\u2019s immigration programme over the past two decades means that although the population is still gradually ageing over time, there is a tsunami of housing demand no sweeping through from the 25- to 40-year-old cohort,\u201d he said.<\/p>\n
\u201cThe 2016 Census confirmed the coming wave of housing demand, and now it is actually happening in the 2021 figures, with Millennials growing to be as significant a cohort as the Baby Boomers.\u201d<\/p>\n
Changes in demographics, housing need<\/h2>\n
An interesting finding in the latest Census points to a subtle demographic shift that has increased the need for housing supply.<\/p>\n
BuyersBuyers CEO Doron Peleg said the average household size declined from 2.6 persons to 2.5 persons during the five-year period.<\/p>\n
\u201cThis largely accounts for why Australia is now entering a rental crisis as the international borders reopen to the world,\u201d he said.<\/p>\n
\u201cThe Census data also revealed that there are now well over 1 million single parent families, which itself creates the need for more dwelling units.\u201d<\/p>\n
Mr Peleg said the over one million unoccupied dwellings indicate a decline from above 11% of dwelling unoccupied in 2016 \u2013 when there was a building boom in full swing \u2013 to 10% in 2021.<\/p>\n
\u201cThe reality is that as the population becomes wealthier, people like to buy more real estate, and Australia\u2019s household net worth soared by a third through the pandemic to almost $15tn\u201d<\/p>\n
\u201cThere is very little evidence of a net oversupply of dwellings here, except in a few specific locations, as detailed in our oversupply risk reports\u201d Mr Peleg said.<\/p>\n
Uneven pressures<\/h2>\n
Another interesting observation about the latest Census was the uneven population pressures being felt across the country.<\/p>\n
There has been a marked shift towards south-east Queensland through the pandemic. In fact, net interstate migration to Queensland surged to more than 50,000 in 2021, the highest on record, bringing the population to 5.2 million.<\/p>\n
\u201cWhile the population of Victoria actually declined last year, Queensland has dominated with a population growth rate of 1.4%, heavily focussed on south-east Queensland,\u201d Mr Wargent said.<\/p>\n
\u201cThere is a lot of pressure on the available housing supply in Brisbane, the Gold Coast, and Sunshine Coast, in particular.\u201d<\/p>\n
\u2014<\/p>\n
Photo by @harrycunningham on Unsplash.<\/p>\n<\/p><\/div>\n
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