Australia is expected to have a population of 29 million by the end of 2030, which is three million more than now, and keeping up with the growing demand for housing is going to be a major hurdle.
The country's population went backwards during the early stages of Covid, with a net loss of 85,000 people in the 2021 financial year.
But with borders reopened, Treasury expects net overseas migration will return to pre-pandemic levels this year and remain at the long-run average of 235,000 people over the medium term.
Unsurprisingly, the most populous states of New South Wales, Victoria and Queensland are predicted to have the highest number of residents by June 2026.
NSW and Victoria are tipped to growing by 300,000 and Queensland by 400,000 to have resident bases of 8.5 million, 7 million, and 5.6 million respectively.
"Ensuring the supply of new homes keeps up with Australia’s growing population is going to be a key challenge over the coming years," Prop Track economist Anne Flaherty said.
Pete Wargent, co-founder of national buyer's agency BuyersBuyers, said that while population growth had temporarily halted due to Covid, it's been slowly creeping back up, adding pressure to the housing market.
“After a lengthy period of closed international borders, population growth hasn’t been much in the news of late," Mr Wargent said.
"Now, for the first time in a decade, we have full employment and a genuine skills shortage, and after a hiatus, we should expect a strong rebound in net overseas migration."
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Updated 7 Nov 2022,
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