According to The Australian Financial Review, housing demand is set to soar across the country’s four most-populous states over the next two decades fuelled by a predicted 7.4 million national spike in population, analysis by PEXA-owned Informed Decisions shows.
Victoria is poised to rack up the largest increase in population with two million people to be added by 2041. NSW is set to rise by 1.7 million, Queensland by 1.6 million and WA by 904,000, spurred by strong net migration.
Melbourne is forecast to add 1.6 million people during the same period, outpacing Sydney’s predicted population growth of 1.2 million. Brisbane’s population is set to increase by 974,000 while Perth is expected to gain 979,000.
To meet the housing demand for those increases in population, an estimated 723,000 homes would be needed across Melbourne.
Sydney would need an additional 582000. Across Brisbane, an extra 381,000 homes are required while Perth would need 334,000.
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