ABS: Population Boom Highlights Need for Property
Now could be the perfect time to invest in houses or apartments for rent in Broadbeach, with the latest release from the Australian Bureau of Statistics (ABS) highlighting a growing demand for property across the nation.
Australia's population rose to 23.13 million in the middle of 2013 – adding 407,000 people over the year to June 2013. This type of growth is expected to continue well into the coming years as well, with the population boom increasing demand for accommodation.
Geordan Murray, economist for the Housing Industry Association (HIA), said overseas migration had increased by 8.6 per cent during 2012/13, and was expected to contribute to the further growth of the nation.
"The ABS’s mid-range population growth scenario anticipates net overseas migration of 240,000 people per year, which is consistent with the level we saw in 2012/13," said Mr Murray in a December 17 statement.
This could offer a great opportunity for potential property investment in the major metropolitan and residential hubs across Australia, with people being drawn to these areas when they begin to migrate to the country.