Perth Population Boom to Drive Property Prices
Perth Property Boom to drive property prices: Demand for Perth property is likely to outstrip supply for many years to come due to population demands.
Perth, Western Australia- The Australian Bureau of Statistics has released incredible data, showing Perth’s population will likely double by the second half of the century to 5.5 million.
The Perth population boom means investors are likely to see significant long term returns from a property development and investment portfolio strategy, commentators suggest, with demand for Perth property to outstrip supply for many years to come.
Perth’s population will overtake Brisbane in just 15 years, with the city set to host over 3 million people by 2028. The population boom is underpinned by the strong local economy and innovation, leading to high migration rates from across Australia and overseas to WA and high birth rates.
Housing Industry Association Economist Geordan Murry said the population projections are a concern for local and Federal policy makers, with the high demand for housing likely to be a major issue for many years to come in cities like Perth.
“The ABS projections send a clear message to policy makers around the country. Ensuring that the supply of new housing can meet the needs of a growing population is an urgent and ever-present policy priority,” said Geordan Murray.
“Even the lowest projections show Australia’s population nearing 26 million by 2020 and 29 million by 2030. Housing these people will require a considerably higher average build rate than what has occurred over the last 20 years and that won’t happen without a concerted and cooperative focus on policy reform,” commented Geordan Murray.
Get involved in Perth Property Investments and Property Developments with Ventura iD