NEWS
Housing supply in Australia will not be able to match the Federal Government's population projections, says Bill Morris, author of the Midwood Queensland Investment Report.
New research released by Treasury Secretary Ken Henry forecasts that Australia's population will grow by 325,000 people a year until 2049, which is 50 per cent faster than historical growth rates in our nation's history.
The major component of Australia's population increase is forecast to be in overseas migration, which totaled 285,347 in the year to June. 11 years ago there were only 98,538 overseas immigrants.
Overseas migration constitutes 64 per cent of annual Australian population growth; the remainder is natural increase (births).
In the year to June 2009, housing commencements in Australia totaled 131,500 and population growth was 443,100. In other words, Australia really needed to build 186,000 new homes, or 55,000 more homes than it actually built.
According to Mr. Morris, this means that housing will also become less affordable as prices skyrocket under pressure of this unsatisfied demand.
Source: goldcoast.com.au
Published: 21 December 2009