by Sanjeev Sah | Jul 23, 2024 | Market Updates

Over 2023, the country’s population rose 2.5% to 26.97 million people, according to the Australian Bureau of Statistics. 

This was driven largely by net overseas migration, which accounted for 84.0% of this growth. That means overseas migration contributed 547,300 people in 2023. 

A rising population translates to increased demand for housing, which could be positive news for investors. 

With more people looking to rent, investors may see an increase in the rental income they receive from their properties. In fact, asking rents in the combined capitals rose 9.1% over 2023, according to Domain. 

Increased demand for housing could also lead to a rise in property values in the long term, leading to capital growth for investors.