Booming Population Needs More Housing Options
With the new year almost upon us, now could be the perfect time to begin evaluating any potential property investment strategies for 2014.
With the latest release from the Australian Bureau of Statistics (ABS) highlighting the projected population growth of New South Wales is higher than originally thought, indicating the need for more houses to be constructed in the region.
Urban Taskforce Chief Executive Officer Chris Johnson said the revised numbers have made it clear that a significantly higher number of homes and apartments need to be built in order to accommodate the population growth, despite the uplift in housing construction that has taken place recently.
“The New South Wales population has grown by 102,000 in the last year but we are still not providing sufficient housing to meet demand,” said Mr Johnson in a December 18 statement.
“In Sydney we build 10,000 less homes than needed each year. The New South Wales growth rate represents a 1.4 per cent increase but this is still well behind growth in Victoria at 1.9 per cent, Queensland at 2 per cent and Western Australia at 3.3 per cent.”
He went on to say that if New South Wales hoped to match the 2 per cent growth of other states across the nation, it would be essential to review the Metropolitan Strategy for Sydney, in order to ensure that the higher population counts are factored in the estimates.
“The big message from Australia’s accelerating population growth to the New South Wales planning system is that more housing is required in inner city and fringe locations,” said Mr Johnson.
“While the New South Wales government has helped lift housing supply through infrastructure funding and grants there is still a long way to go.”
These projections highlight the need for new developments across Sydney, which could offer a great opportunity for property investment in the near future.