by Sanjeev Sah | Jan 09, 2024 | Market Updates

Australia’s population is set to significantly increase over the next decade, but the rate of growth will slow. 

Our population will rise from 26.6 million at the end of the 2022-23 financial year to 30.9 million in 2033-34, according to forecasts from the Centre for Population. 

However, during that time, population growth will slow from 2.4% – the fastest since the 1970s – to 1.2%, which is more in line with long-term averages. 

As a result, the number of people being added to the population each year will slow from 624,000 to 362,000 people. 

Naturally, a larger population will mean more demand for housing.