Population growth poses questions for real estate
A new release from the Australian Bureau of Statistics (ABS) has highlighted the increasing populations trends evident across the county, with projected growth levels rapidly rising in all major cities and regions in the coming decades.
It has been predicted that by 2075, the population of Australia will have doubled to 46 million, which could be great for potential property investment in the near future - especially for those just starting their property portfolio.
ABS Director of Demography Bjorn Jarvis said that this was based on medium growth projections for the period ending 2075.
Some of the highlights from the predictions include Perth's population overtaking Brisbane by 2028 to reach 3 million people, while the Australian Capital Territory is expected to overtake Tasmania by 2038.
"By 2040, Western Australia's population is projected to almost double in size, from 2.4 million people in 2012 to 4.7 million," said Mr Jarvis in a November 26 statement.
"Queensland will have gone from 4.6 million people to 7.3 million, and the Australian Capital Territory will have grown from 375,000 people to 586,000."
By 2040, the Northern Territory is expected to reach a population of 360,000, while Victoria is projected to reach 8.4 million. Likewise, New South Wales should reach 9.9 million, South Australia will reach 2.1 million, and Tasmania will grow to 570,000.
Furthermore, this begins to raise questions about the ageing population of the nation, with the number of people over 65 expected to grow from 3.2 million (14 per cent of the population) up to 6.8 million (20 per cent) by 2040.
"The ageing of Australia's population as a result of sustained low fertility, combined with increasing life expectancy is likely to continue. In 2012 Australia's median age was 37 years old; by 2040 it could be 40.5 years," said Mr Jarvis.
The number of people aged over 85 is expected to triple by 2040, growing by 770,000 people to rest at 1.2 million. By then, they will make up 4 per cent of the population, compared with only 2 per cent back in 2012.
This could pose a potential investment opportunity heading into the future, with the rising popularity of senior lifestyle resorts and complexes and the need for residential property catered towards retirees increasing.