21 Sep 2023
Australian Residential Property: Surging population
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
Immigration without doubt is the immediate pain point for the lack of affordable residential property.
We simply do not build enough residential property for the additional people that come to work and live in Australia.
Our population rose by 563,000 for the 12 months to 31 March 2023 with 454,000 being new migrants moving to Australia.
That is a lot of people/families needing shelter to live.
Click for charts.
Immigration will continues to fuel steep rises in residential property prices and steep rises in rents which is not sustainable.
The answer is to either cut immigration which can be done immediately or build more residential property.
The challenge with building more residential property is that it takes years to complete.
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