By Graeme Salt
There’s set to be 40 million Australians by the 2050s. Where will we house them?
Already 52 per cent of us live in the three biggest cities. Despite its size, Australia is highly urbanised.
And this urban concentration is not just confined to the largest cities; eight in 10 Western Australians and South Australians live in cities.
According to Treasury modelling this concentration is set to continue. Sydney and Melbourne will see the majority of this population growth and are both projected to surpass 8 million people.
Population growth was 1.5 per cent in 2025 and increasingly people are remaining in New South Wales and Victoria as states, such as Queensland and Western Australia have become so expensive.
Which means the big cities will just get bigger.
In fact, in absolute terms there was a big population uplift over the year in Victoria (+123,500).
But we know that we are not building enough homes.
And when demand exceeds supply, price is driven up.
Bet against the property market (long term)? You would be naïve.
Graeme Salt is an award-winning mortgage broker. For a no-obligations consultation on your home loan needs, please contact him on 02 9922 5055
